In recent weeks the Suncor takeover bid for Canadian Oil Sands has been the topic of much discussion and many conversations. When COS initiated a so called poison pill amendment and asked for more time to consider the options Suncor publicly stated that their bid would end on the indicated date. When the Alberta Securities Commission granted Canadian Oil Sands the extension that was requested Suncor extended their bid until the new date of January 8, 2016 despite their previous comments to the contrary. According to a statement from Suncor president and CEO Steve Williams “This process has always been about allowing COS shareholders to decide for themselves on the merits of our offer. The good news is that they will finally have their say.”

After the decision by the ASC on the COS request and the Suncor takeover bid Williams stated “The Alberta Securities Commission decision allows COS more time to surface a superior offer from a credible third party, something most analysts see as unlikely. They are now focused on a self-serving claim that COS, despite a balance sheet with a near junk credit profile, is better off as an independent company in a lower for longer crude oil price environment.” While Suncor has extended the deadline for the id the company is not increasing the original offer because they believe the offer was fair with oil prices still on the decline. Suncor also described the negative free cash flow that COS has reported so far this year.