Suncor Energy Again Extends Bid Deadline For Canadian Oil Sands To Jan. 27

(RTTNews) - Suncor Energy Inc. (SU.TO, SU). extended its hostile bid for Canadian Oil Sands Ltd. (COS.TO) for a second time until January 27 , 2016. Canadian Oil Sands, the largest owner of the Syncrude oil-sands mining consortium, advised its shareholders to take no action on Suncor's bid, reiterating its view that it is undervalued by the bid.

In October, Suncor Energy formally commenced an unsolicited acquisition offer to Canadian Oil Sands for a total consideration of approximately C$4.3 billion. The Offer represents a significant premium of 43 percent, based on the closing prices of the COS shares and the Suncor shares on the TSX on October 2, 2015. and later the offer extended the offer until January 8

"Extending the expiry of Suncor's bid does not change the fact that it is substantially undervalued and opportunistic," said Donald Lowry , Chairman of Canadian Oil Sands.