Canadian Oil Sands Rejects Suncor Offer
19 Octobre 2015 - 2:20PM
Dow Jones News
Canadian Oil Sands Ltd. recommended its shareholders reject a
hostile, 4.47 billion Canadian dollar (US$3.46 billion) takeover
offer from Suncor Energy Inc., calling the bid opportunistic and
saying it undervalues the company.
The formal rejection Monday comes less than two weeks after
Canadian Oil Sands adopted a so-called poison pill plan in response
to Suncor's all-stock offer.
In a letter, Canadian Oil Sands offered 15 reasons shareholders
should reject the offer, including that it "substantially
undervalues" the company's key Syncrude oil-sands asset and arguing
that the timing is opportunistic due to "unprecedented conditions"
in the energy industry.
Suncor is offering 0.25 of a share for each Canadian Oil Sands
share, valuing Canadian Oil Sands' shares at C$9.22 each based on
closing prices Friday.
Suncor, Canada's biggest oil and gas producer, launched its
hostile offer two weeks ago in an effort to boost its oil-sands
presence at a time when oil prices have slumped to six-year
lows.
The bid faced early headwinds when Canadian Oil Sands adopted
its poison-pill plan and some shareholders came out against the
offer.
Canadian Oil Sands, with a 37% stake, is the largest owner of
the Syncrude mining consortium. Exxon Mobil Corp.'s Canadian
subsidiary, Imperial Oil Ltd., owns a 25% interest and operates
Syncrude, while Suncor holds a 12% share. Four other oil companies
own smaller interests.
Write to Judy McKinnon at judy.mckinnon@wsj.com
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(END) Dow Jones Newswires
October 19, 2015 08:05 ET (12:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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