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Suncor Energy and Canadian Oil Sands reach agreement to support acquisition
Suncor Energy and Canadian Oil Sands reach agreement to support acquisition Suncor...
About this update from Suncor Energy Inc.
[{"type":"text","content":"\n\n\n\nSuncor Energy and Canadian Oil Sands reach agreement to support acquisition\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSuncor Energy and Canadian Oil Sands reach agreement to support acquisition\nCanada NewsWire\nCALGARY, Jan. 18, 2016\n\n\n\nAmended offer increases exchange ratio to 0.28 of a Suncor share for each COS share \n\nAmended offer supported by COS Board and Seymour Schulich\n\nAmended offer expected to expire at 4:00 p.m. (MT) on February 5, 2016\n\nShareholders are urged to tender their shares \n\n(All dollar amounts referenced are in Canadian dollars)\n\n\n\nCALGARY, Jan. 18, 2016 /CNW/ - Suncor Energy Inc. (TSX: SU; NYSE: SU) and Canadian Oil Sands Limited (TSX: COS) are pleased to announce that they have reached an agreement to support the offer by Suncor to purchase all of the shares of COS.\n\nUnder the terms of the support agreement (the \"Agreement\") Suncor has agreed to amend its offer (the \"Amended Offer\") to provide for an increase in the original offer to COS shareholders to 0.28 of a Suncor share for each COS share. The Amended Offer, with a total aggregate transaction value of approximately $6.6 billion including COS' estimated debt of $2.4 billion, has the support of the Boards of Directors of both companies. \n\nThe COS Board has received an opinion from its financial advisor, RBC Capital Markets, that, as of January 17, 2016, the consideration under the Amended Offer is fair, from a financial point of view, to COS shareholders. The COS Board has determined that the Amended Offer is in the best interests of COS and recommends that shareholders tender to the Amended Offer.   \n\n\"We are pleased to have the support of the COS Board of Directors and shareholders, including Seymour Schulich, and have been advised of their intent to tender their shares\" said Steve Williams, Suncor's president and chief executive officer. \"We believe this transaction delivers excellent value to COS shareholders while maintaining Suncor's commitment to capital discipline, providing both companies' shareholders with near and long-term valu...