The $4.3 billion Suncor takeover bid for COS has been extended in spite of repeated statements by Suncor executives that the company would walk away if their proposed offer was rejected. When the deadline for a resolution was reached and there was no resolution in sight Suncor extended their ibid offer until January 27, 2016 instead of walking away from the deal. The extension was announced by the company within the hour after the deadline date and time passed. Just days before the deadline during a conference call Steve Williams, the CEO for Suncor, stated that no increase in the offer amount or an extension would be made. These statements caused investors to feel a sense of urgency, and was part of the pressure that Williams was trying to apply. The previous day Williams made a statement that said “You must act now if you wish to accept our offer. Canadian Oil Sands shareholders who have not tendered their shares have an important decision to make and precious little time to act.”

The bid extension for the Suncor takeover of COS was made because Suncor did not manage to win the support from two thirds of the shareholders at COS. In the last few months there have been hard words and accusations on both sides of the fence, with Suncor threatening time and time again to walk away from the deal if things did not go their way. With the latest bid extension the position of COS may be stronger than what many previously thought, and it shows that Suncor is dedicated to taking over the rival oil company in spite of the previous statements to the contrary.