Canadian Oil Sands adopts poison pill after Suncor's hostile bid

Wed Oct 7, 2015 9:46am EDT
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Oct 7 (Reuters) - Canadian Oil Sands Ltd said it adopted a poison pill in response to Suncor Energy Inc's hostile takeover bid.

"The board will consider Suncor's unsolicited offer in both the current context and in light of the strong long-term potential of Canadian Oil Sands," Chairman Donald Lowry said in a statement.

Suncor Energy made a hostile offer to buy Canadian Oil Sands on Monday, valuing it at about C$4.3 billion ($3.29 billion). (Reporting by Anet Josline Pinto in Bengaluru; Editing by Savio D'Souza)