RE:35-40% or over 40% tendered ?"SU has probably been stacking up COS shares on the open market to make this happen. "
Has COS management indicated that the company will announce if/when SU reaches the 20% threshold? This would presumably be material information and consequently would have to be publicly disclosed, even if the firm chose not to invoke the poison pill.
>>>The rights will officially be triggered if anyone buys 20% or more of the company, which will then allow shareholders to buy stock at a “substantial” discount.