Regulator says COS shareholders have until Jan. 4 to consider Suncor bid

Mon Nov 30, 2015 5:03pm EST
 
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CALGARY, Alberta Nov 30 (Reuters) - Canadian Oil Sands shareholders should have until Jan. 4, 2016 to consider a hostile takeover bid from Suncor Energy Inc, the Alberta Securities Commission said on Monday.

The commission struck down a new shareholder rights plan adopted by Canadian Oil Sands in October that required any permitted bids to be open for 120 days, but said shareholders should have more time to consider the offer.

Suncor's C$4.3 billion bid for Canadian Oil Sands, made in October with a 60-day limit, is due to expire on Friday. (Reporting by Nia Williams)