TORONTO, Oct 5 (Reuters) - Canadian Oil Sands is set to reject a hostile takeover bid from rival Suncor Energy , according to a source who is familiar with the situation.
The source, who is not authorized to publicly discuss the matter, said that the company is also unlikely to engage with Suncor on the basis of the current proposal.
Suncor earlier on Monday put forward an all-stock offer for Canadian Oil Sands, which owns a large stake in Canada’s largest synthetic crude project, Syncrude, in northern Alberta. Shares of Canadian Oil Sands surged more than 48 percent on the TSX following the offer. (Reporting by Euan Rocha and John Tilak; Editing by Bernard Orr)