Cos should be thanking SuncorWithout any offer from Suncor, COS would be trading at 5$ right now. If anything, William was too early with his offer.
With Suncor's offer, cos share price is holding steady while other oil stocks are all trending lower. As long as some feel there is a possibility of a higher offer, Cos shares will have support at current level. That in itself buys cos some times for oil price to recover. Even if suncor let's the offer lapse on january 27, cos might not crash as much as long as some feel there is a possibility of a deal.
For COS shares to crash, COS would have to have very bad earnings, or lower oil prices for longer period (armegeddon situation) as investors knows that Suncor will scoop them up if they deteriorate too much mind you at a lower offer than this one. Suncor's offer has basically put a floor on COS shares and now it's up to COS management to deliver results.
That's why I think Suncor has no other choice then to sweeten their bid to at least .32. If that bid is rejected, which I don't believe it will be, than COS will trade as it want (independant company) and if oil price remain lower it share price will suffer as the next offerl from Suncor in that scenario would not be in COS favour. On the other hand, anyone wishing for higher than .32 bid best be ready to hold their share as I don't believe it makes sense for Suncor to bid over .32 for COS in this environment and it's share price would be punished for it.