Canadian Oil Sands Attracts Interest
November 27 2015 - 3:02AM
Dow Jones News
(FROM THE WALL STREET JOURNAL 11/27/15)
By Chester Dawson
CALGARY, Alberta -- More than two dozen potential suitors have
expressed interest in making an offer for Canadian Oil Sands Ltd.,
including four "highly credible parties," according to documents
the company filed in an effort to thwart Suncor Energy Inc.'s
hostile bid.
The interest by other parties may slow Suncor's momentum ahead
of a Dec. 4 deadline it has set for a response to its all-stock bid
-- currently worth about 4.47 billion Canadian dollars ($3.36
billion) -- for Canadian Oil Sands, the largest owner of the
Syncrude oil-sands mining consortium.
Canadian Oil Sands last month rejected Suncor's bid as too low
and asked securities authorities in its home province of Alberta to
uphold a "poison pill" provision enacted after Suncor made its bid
that gives shareholders at least 120 days to consider a takeover
offer.
Suncor has cited a lack of competing offers as one reason why
Canadian Oil Sands shareholders should accept its bid, which is
0.25 of a share for each Canadian Oil Sands share. The Alberta
Securities Commission has scheduled two days of hearings starting
Thursday to consider Canadian Oil Sands' effort to block that bid
by ruling on its updated shareholder-rights plan.
As of Nov. 19, "four highly credible parties have executed
confidentiality agreements" with Canadian Oil Sands for access to
nonpublic information in preparation for possible bids, RBC Capital
Markets Deputy Chairman R. Jamie Anderson said in an affidavit
filed in support of Canadian Oil Sands. The potential suitors
weren't identified.
Access Investor Kit for "EXXON MOBIL CORP"
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US30231G1022
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 27, 2015 02:47 ET (07:47 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Apr 2023 to Apr 2024