12.11.2015 14:46:49
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Suncor Energy Sends Letter To Canadian Oil Sands Shareholders - Quick Facts
(RTTNews) - Canadian oil and gas company Suncor Energy Inc. (SU.TO, SU) said it has sent a letter to shareholders of oil-sands producer Canadian Oil Sands Limited (COS.TO) or COS.
According to Suncor, the letter explains why the COS shareholders should disregard a recommendation from the Board of COS opposing Suncor's full and fair C$4.7 billion offer to purchase all of the shares of Canadian Oil Sands.
Suncor is continuing to offer to acquire all of the outstanding shares of COS for a consideration of 0.25 of a Suncor share per COS share. Including COS' estimated outstanding net debt of C$2.2 billion as at September 30, 2015, the total transaction value is about C$6.9 billion.
Suncor said it 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.
Further, Suncor announced that it is filing and mailing a Notice of Variation and Change to its original offer and circular dated October 5, 2015. Among other things, the notice provides certain updated information relating to the offer, including taking into account Suncor's and COS' third quarter results.
Suncor believes these two documents will demonstrate to COS shareholders the value of the offer and the risks they face if they reject the offer.
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