Suncor Energy Offers To Acquire Canadian Oil Sands In C$4.3 Bln Deal

(RTTNews) - Suncor Energy Inc. (SU, SU.TO) Monday said it formally commenced an unsolicited acquisition offer to Canadian Oil Sands Ltd. (COS.TO) for a total consideration of approximately C$4.3 billion. The Offer represents a significant premium of 43 percent, based on the closing prices of the COS shares and the Suncor shares on the TSX on October 2, 2015.

As per the offer, each shareholder of Canadian Oil Sands will get 0.25 of a Suncor share per COS share. The total transaction value, including COS' estimated outstanding net debt of $2.3 billion as at June 30, 2015, will be approximately C$6.6 billion.

The Offer will be open for acceptance until 5:00 p.m. of Calgary time on December 4, unless extended or withdrawn.

Steve Williams, Suncor's president and chief executive officer said the offer is a financially compelling opportunity for COS shareholders.