SU will raise offer will be 1/3 a share = $11.52It's a no brainer that SU's first offer is lowball. All they are offering is shares - really they get the whole deal for just taking on $2.5 billion in debt. So they get $10 billion for $2.5 billion - not a hard deal to make.
It's just too good a deal for SU to pass up on. Creating new shares costs the company nothing and they get an amazing asset already built, with a refinery and 80 years of non declining assets. The best land in the oil sands.
Personally I think COS has way more upside than $11.52 though I bought most my shares in the low sixes so if it happens it happens.
I think a lot of shareholders would take that bird in the hand.