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Suncor Energy sends letter to Canadian Oil Sands shareholders


Published Nov 13, 2015
Suncor Energy-2

Suncor is sending a letter to shareholders of Canadian Oil Sands Limited (COS). The letter explains why COS shareholders should disregard a recommendation from the Board of COS opposing Suncor's full and fair $4.7 billion offer to purchase all of the shares of Canadian Oil Sands (the "Offer"). Including COS' estimated outstanding net debt of $2.2 billion as at September 30, 2015, the total transaction value is approximately $6.9 billion.

Suncor believes that COS shareholders should accept the Offer, given COS' track record of underperformance, financial challenges, and significant vulnerability in a 'lower for longer' oil price market.

"The COS Board and management are telling COS shareholders to "do nothing" to protect the value of their investment," said Steve Williams, president and chief executive officer. "This would be saying no to the premium value of our Offer, and the opportunity for greater upside and lower risk as a Suncor shareholder. Rejecting our Offer represents real risk to COS shareholders, and we urge them to consider the facts and accept our Offer."

Tags: Canadian Oil Sands Limited (COS), Suncor Energy




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