Suncor Urges Canadian Oil Sands Shareholders To Tender Shares To Its Offer

(RTTNews) - Canadian oil and gas company Suncor Energy Inc. (SU, SU.TO) urged shareholders of Canadian Oil Sands Limited (COSWF, COS.TO) to tender their shares to Suncor's offer before it expires at 8:00 p.m. ET on Fri. January 8, 2016 and recommended that shareholders get instructions to brokers immediately to ensure that they are processed in time as certain brokers and intermediaries will have tender deadlines on Tuesday or Wednesday of this week.

As announced on October 5, 2015, Suncor is proposing to acquire all of the outstanding shares of COS. Under the terms of the offer, each COS shareholder will receive consideration of 0.25 of a Suncor share per COS share. Based on the closing price of Suncor's shares on December 31, 2015, the offer currently represents an implied value of $8.93 per COS share or a significant 44% premium to the pre-offer trading price of $6.19 per COS share.

In addition, COS shareholders will receive a 45% cash dividend increase. COS shareholders will also benefit from ongoing ownership in shares of Suncor, Canada's leading integrated energy company.