Monday, October 5, 2015

Canadian Oil Sands Limited - COS.t

Canadian Oil Sands Limited - COS.t has 36.74% interest in the Syncrude Oilsands Project.

Syncrude is a leader in Canada’s oil sands industry, operating since 1978 with a productive capacity of 350,000 barrels per day of light, high-quality crude oil.

On October 5, 2015 Canadian Oil Sands Limited reported NEWS


Suncor Energy Inc. has formally commenced an unsolicited offer to Canadian Oil Sands Ltd. (COS) shareholders to acquire all of the outstanding shares of COS for total consideration of approximately $4.3-billion. Under the terms of the Offer, each COS shareholder will receive consideration of 0.25 of a Suncor share per COS share. Including COS' estimated outstanding net debt of $2.3 billion as at June 30, 2015, the total transaction value is approximately $6.6 billion.

"We believe this is a financially compelling opportunity for COS shareholders," said Steve Williams, Suncor's president and chief executive officer. "By accepting this Offer, COS shareholders will become investors in Canada's leading integrated energy company with 50 years of experience in oil sands operations and a track record of returning significant value to shareholders. We're offering a significant premium to COS' current market price and also providing exposure to a meaningful dividend increase. We're confident in the value this Offer provides to COS shareholders."

Benefits of the Offer:

-- Premium to market price. The Offer represents a significant premium of 43% based on the closing prices of the COS shares and the Suncor shares on the TSX on October 2, 2015, the last trading day before the Offer was announced, and a 35% premium to the volume weighted average trading price of the COS shares on the TSX for the 30 trading days ended October 2, 2015.