A recent takeover bid by Suncor for Canadian Oil Sands has been rejected, with Canadian arguing that more time is needed so the company can examine and evaluate all of their options. Suncor made an unsolicited takeover offer in the amount of $4.3 billion, but the attempt was one that was not welcome or wanted by Canadian. Last Wednesday Canadian Oil Sands made an announcement about a shareholder rights plan which would be designed so that board members and shareholders had sufficient time to go over all of the possible options. Other companies have also made offers, some of which propose mergers with Canadian Oil Sands instead of an outright takeover of the company. According to the plan the company shareholders will have a minimum of 120 days to review any offers. The plan will go into effect if 20% or more of the company shares are obtained or there are efforts to acquire at least 20% of the company stock.

Canadian Oil Sands released a statement arguing that a previous offer was higher than the current takeover bid amount. The board chairman for Canadian Oil Sands, Donald Lowry, said “The Board will consider Suncor’s unsolicited offer in both the current context and in light of the strong long-term potential of Canadian Oil Sands. Shareholders do not need to take any action or make any decision about the Suncor offer until the board has had an opportunity to fully review the offer and to provide a recommendation based on careful analysis.”