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Suncor Energy Offer for Canadian Oil Sands expires
Suncor Energy Offer for Canadian Oil Sands expires Suncor Energy Offer for Canadia...
About this update from Suncor Energy Inc.
[{"type":"text","content":"\n\n\n\nSuncor Energy Offer for Canadian Oil Sands expires\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 Offer for Canadian Oil Sands expires\nCanada NewsWire\nCALGARY, Feb. 22, 2016\n\n\n\n\nCanadian Oil Sands sets shareholder meeting to approve final acquisition transaction\n(All dollar amounts referenced are in Canadian dollars)\n\n\n\nCALGARY, Feb. 22, 2016 /CNW/ - Suncor announced today that its Offer for all of the common shares and accompanying rights of Canadian Oil Sands Limited (\"COS\") has expired and that a total of approximately 84.2 per cent of COS shares equating to approximately 408,097,416 common shares and accompanying rights have been tendered to Suncor's Offer. \n\nSince Suncor's initial take up of shares on Feb. 5, 2016, approximately 11.4 per cent of additional COS shares equating to approximately 55,195,265 common shares and accompanying rights have been tendered. Suncor will take up all additional shares that were validly tendered into the Offer and not withdrawn and those shares will be paid for in accordance with the terms of the Offer. \n\nCOS shareholders whose shares are taken up today will receive 0.28 of a common share of Suncor for each COS share (subject to rounding for fractional shares), which will be paid in accordance with the terms of the Offer. Based on today's closing trading price of Suncor's common shares on the Toronto Stock Exchange, the take up of shares today represents an implied acquisition price of $9.49 per COS share.\n\nFollowing this additional take-up of shares, Suncor expects to complete a subsequent acquisition transaction to acquire the remaining COS shares, as outlined below. \n\nCOS shareholder meeting\n\nIn addition, COS announced today that it has entered into an amalgamation agreement with Suncor and certain wholly owned subsidiaries of Suncor, under which a subsequent acquisition transaction will be completed by way of an amalgamation of COS and a wholly-owned subsidiary of Suncor (the \"COS Amalgamation\").  A special meeting of COS shareholders will be held to consider this transaction ...