After months of heated comments and accusations on both sides the COS takeover deal can be closed by Suncor after the energy company received sufficient support for the deal. For months now Suncor Energy has been urgently asking Cos shareholders to tender the shares that they own so that Suncor could take over Canadian Oil Sands. Suncor has finally received enough support and gained enough COS shares to close their takeover in spite of the fact that some COS executives and board members were against the takeover. Suncor recently made an announcement that they had support from 84.2% of COS shareholders and they control more than two thirds of the COS shares out there. The company gave a statement which read that it“Is in a position to ensure the successful outcome of the shareholder vote in respect of this subsequent acquisition transaction. Once this transaction is completed, all COS shares that remain outstanding will be acquired for the same consideration offered in the offer.”
The COS takeover bid by Suncor started last October. Suncor made an announcement that they were offering a $4.2 billion bid for Canadian Oil Sands. This bid offer was rejected by COS and company executives argued that Suncor made an offer which was not sufficient. COS shareholders were urged to reject the deal by the company executives and top shareholders. In January COS management agreed that they would accept an amended deal that was offered. Early in February Suncor had acquired 73% of the COS shares.