Canadian Oil Sands board to reject Suncor bid on Monday: source

Fri Oct 16, 2015 5:12pm EDT
 
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TORONTO (Reuters) - Canadian Oil Sands Ltd’s COS.TO board has evaluated the hostile takeover bid from rival Suncor Energy (SU.TO: Quote) and is poised to reject the offer as too low on Monday, according to a source familiar with the matter.

Earlier this month, Suncor offered to buy Canadian Oil Sands for $4.3 billion. Canadian Oil Sands owns a large stake in Canada's largest synthetic crude project, Syncrude, in northern Alberta.

(Reporting by John Tilak; Editing by David Gregorio)

 
President and CEO Steve Williams of Suncor Energy addresses shareholders during the company's annual general meeting in Calgary, Alberta, April 30, 2015. REUTERS/Todd Korol