Suncor Energy acquires nearly 73 per cent of Canadian Oil Sands shares
A pedestrian is reflected in a Suncor Energy sign in this file photo taken in Calgary on Feb. 1, 2010. (Jeff McIntosh/THE CANADIAN PRESS)
The Canadian Press
Published Saturday, February 6, 2016 7:53AM EST
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.