Oct 19 (Reuters) - Canadian Oil Sands Ltd recommended its shareholders reject Suncor Energy Inc’s hostile takeover bid.
Canadian Oil Sands, the largest shareholder in Canada’s biggest synthetic crude project, Syncrude, asked its shareholders to reject the “undervalued, opportunistic and exploitive” Suncor offer.
Suncor, Canada’s largest oil producer, had offered to buy the company earlier this month, valuing it at C$4.3 billion ($3.33 billion) as it sought to expand in the country’s oil sands.
Following the hostile offer, Canadian Oil Sands adopted a poison pill to thwart Suncor’s bid. ($1 = 1.2920 Canadian dollars) (Reporting by Shubhankar Chakravorty in Bengaluru; Editing by Anil D’Silva)