CALGARY – The Alberta Securities Commission has ruled that Canadian Oil Sands Ltd. can stall a hostile bid by oilsands behemoth Suncor Energy for a month.
COS put in place a new shareholder rights plan, also known as a poison pill defence, shortly after Suncor (TSX:SU) took its all-stock bid directly to investors on Oct. 5.
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The plan would have given COS shareholders 120 days, or until early February, to decide on Suncor’s offer.
READ MORE: Canadian Oil Sands calls Suncor’s hostile offer ‘exploitative’
Suncor proposed to keep its bid open until Friday.
But the regulator struck a compromise between the two positions, giving COS shareholders until Jan. 4 to accept or reject the takeover.
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