CALGARY – Suncor Energy has announced that nearly 73 per cent of Canadian Oil Sands shares and accompanying rights have been tendered to Suncor’s offer.
Suncor officials said that as a result, the company will be able to ensure that a subsequent acquisition transaction will be completed and Suncor (TSX:SU) will acquire the remainder of the outstanding COS shares.
In mid-January, COS (TSX:COS) accepted a sweetened takeover offer from Suncor Energy as the market outlook for oilsands producers deteriorates.
The deal drew to a close a bitter takeover battle that pitted two partners in the massive Syncrude oilsands mine against each other.
Suncor offered to exchange 0.28 of one of its shares for each COS share — up from 0.25 of a Suncor share per COS share.
Steve Williams, Suncor president and chief executive officer, said they were pleased with the strong level of support from COS shareholders.
“From the outset, we’ve spoken about the excellent value this offer creates for both COS and Suncor shareholders and I’m looking forward to delivering on that commitment.”
Suncor has extended its offer to Feb. 22 but has said further extensions beyond that are not anticipated.
The development makes Suncor the largest shareholder in the Syncrude oilsands complex north of Fort McMurray, Alta., which is operated by Imperial Oil (TSX:IMO).