CALGARY – It’s looking like a bitter oilpatch takeover battle will be dragging on for a few more weeks.
Suncor Energy has extended is $4-billion bid for Canadian Oil Sands until Jan. 27.
It’s one option the oilsands giant had with its all-stock hostile offer set to expire Friday evening.
The bid needed at least two-thirds support to go through and Suncor has said it would walk away if it didn’t get substantial backing.
The board and management of COS say the best way forward is for the company to stay independent and that it’s poised to prosper once crude prices recover.
Suncor argues that’s a risky proposition for shareholders given the likelihood of a prolonged downturn in crude prices.