CALGARY – Canadian Oil Sands has taken to the movies in its campaign to stop a hostile takeover bid by Suncor Energy.
COS (TSX:COS) put out a video Wednesday highlighting the long-term potential of its assets and once again said Suncor’s (TSX:SU) $4.3-billion, all-share bid “substantially undervalued” the company.
In the video, COS chief executive Ryan Kubik said shareholders should reject Suncor’s “low-ball bid” of a quarter of a Suncor share for each COS share and choose the upside of independence instead.
The two companies have been ratcheting up their rhetoric ahead of a Friday deadline set by Suncor for COS shareholders to tender their shares.
Suncor said Monday that it would move on to other opportunities if, by Friday evening, it does not receive “substantial support” for its offer.
Both companies are partners in the Syncrude oilsands mine north of Fort McMurray, Alta., — COS with 37 per cent and Suncor with 12 per cent.