Suncor In Talks To Raise Bid For Canadian Oil Sands In Friendly Takeover: WSJ

(RTTNews) - Canadian energy company Suncor Energy Inc. (SU.TO, SU) is working on a friendly deal to raise its all-stock offer for rival Canadian Oil Sands Limited (COS.TO, COSWF.PK), the Wall Street Journal reported Monday, citing a person familiar with the matter.

As per reports, both Canadian energy companies have been working on a revised bid since Friday, and the talks were still ongoing. An announcement about the deal is expected as early as Monday.

The value of the potential revised offer is not known. Suncor's existing offer of 0.25 of a share for each share of Canadian Oil Sands is currently worth about C$3.78 billion or $2.59 billion.

Canadian Oil Sands earlier acknowledged the overwhelming rejection of Suncor Energy's substantially undervalued and opportunistic hostile bid.

Suncor has been under pressure to sweeten its bid after it extended the deadline for acceptance of its bid earlier this month.