Canadian Oil Sands Acknowledges Shareholders' Rejection Of Suncor's Offer

(RTTNews) - Canadian Oil Sands Limited (COS.TO, COSWF.PK) acknowledged the overwhelming rejection of Suncor Energy Inc.'s (SU.TO, SU) substantially undervalued and opportunistic hostile bid. Canadian Oil Sands believes Suncor has an obligation to disclose material facts on its bid to COS shareholders, including the actual tender results and calls on Suncor to immediately meet this obligation.

Canadian Oil Sands noted that Suncor has campaigned for months for Canadian Oil Sands shareholders to have their say, and now they have spoken. While only Suncor has access to all the tender results, the best information that COS currently has is that a strong majority of COS shareholders rejected the substantially undervalued and opportunistic Suncor bid.

Despite failing to obtain a "significant show of support" by Canadian Oil Sands shareholders as Suncor indicated was required, Suncor has chosen to extend its bid to January 27, 2016 without any changes. Canadian Oil Sands' Board continues to strongly recommend shareholders not tender to this substantially undervalued and opportunistic bid.

"We believe there is a fundamental disconnect between what Suncor led the market to believe they would have and what they actually have. Suncor can now be transparent to our shareholders by disclosing the exact amount tendered,"said Donald Lowry, Chairman of Canadian Oil Sands.