COS searching for white knight Canadian Oil Sands issued a statement on Monday urging shareholders to sit tight while it reviews the bid. One observer says Canadian Oil Sands is "obviously dragging" its feet to "either extract more value from the acquirer or find a white knight." Suncor chief executive officer Steve Williams said Tuesday he would not be surprised if Canadian Oil Sands rejected the takeover bid. However, he said Suncor was not prepared to raise its offer of 0.25 Suncor shares for each Canadian Oil Sands share. That represents a 43-per-cent premium to Canadian Oil Sands' closing stock price as of Oct. 2, but it is less than the implied value of $11.84 a share offered by Suncor in April.