CALGARY – Suncor Energy has announced that just about 73 per cent of Canadian Oil Sands shares and accompanying rights happen to be tendered to Suncor’s offer.
Suncor officials said that as a result, the company can make sure that a subsequent acquisition transaction will be completed and Suncor (TSX:SU) will get the remainder of the outstanding COS shares.
In mid-January, COS (TSX:COS) accepted a sweetened takeover offer from Suncor Energy because the market outlook for oilsands producers deteriorates.
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The deal drew to a close a bitter takeover battle that pitted two partners in the massive Syncrude oilsands mine against one another.
Suncor provided to exchange 0.28 of one of its shares for each COS share — up from 0.25 of the Suncor share per COS share.
Steve Williams, Suncor president and chief executive officer, said these were pleased with the strong level of support from COS shareholders.
“In the outset, we’ve discussed the superb value this offer creates for COS and Suncor shareholders and I’m getting excited about delivering on that commitment.”
Suncor has extended its offer to Feb. 22 but has said further extensions beyond that are not anticipated.
The development makes Suncor the largest shareholder within the Syncrude oilsands complex north of Fort McMurray, Alta., which is operated by Imperial Oil (TSX:IMO).
