From the Calgary Herald
Canadian Oil Sands Ltd.’s poison pill designed to protect it from Suncor Energy Inc.’s $4.5 billion hostile takeover bid was partly upheld by Alberta’s securities regulator, with a week left before the offer expires.
The company’s shareholders will have 90 days to consider bids, less than the 120 days sought by Canadian Oil Sands. Suncor sought to strike down the plan, limiting the window to 60 days, which would make its bid expire Dec. 4.
Suncor, Canada’s largest oil producer by market value, is seeking to increase its 12 percent stake in the Syncrude bitumen mine, whose largest owner is Canadian Oil Sands. The decline in crude prices by more than half from their 2014 peak has forced both companies, as well as rivals, to cut costs in an effort to make production in northern Alberta profitable.
