Now Williams is threatening to walk
Globe says Suncor to challenge Cdn Oil's poison pill
2015-11-02 07:50 ET - In the News
See In the News (C-SU) Suncor Energy Inc
The Globe and Mail reports in its Monday, Nov. 2, edition that Suncor Energy is plotting a regulatory challenge to Canadian Oil Sands' new shareholder rights plan. The Globe's Jeffrey Jones writes that Suncor chief executive officer Steve Williams says Canadian Oil Sands had a more valuable bid from Suncor last spring and dismissed it without taking it to investors. "All I'm asking is -- let the shareholders make the decision," says Mr. Williams. Canadian Oil Sands has rejected Suncor's offer, and instituted a shareholder rights plan that requires a bid to be open for 120 days. Suncor's bid expires after 60 days on Dec. 4. Canadian Oil Sands CEO Ryan Kubik said last week there are other suitors that could lead to an alternative deal, but there are no guarantees. If Suncor's bid is successful, it interest in Syncrude would jump to 49 per cent from 12 per cent. Mr. Williams says Suncor will launch a challenge with the Alberta Securities Commission "at the appropriate time." He says, "That day is rapidly approaching." Mr. Williams says if investors are unable to tender, Suncor could walk away after its deadline, which would likely trigger a collapse in the share price.