|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.
"Canadian Oil Sands Limited (TSX: COS)(OTCQX: COSWF) ("COS" or "Canadian Oil Sands") declares the latest letter from Suncor Energy Inc. ("Suncor") for what it is: A desperate attempt to scare shareholders into tendering and mask the deficiencies of Suncor's substantially undervalued bid.
"Fearmongering will not breathe life into a dead offer," said Ryan Kubik, CEO of Canadian Oil Sands. "If Suncor had confidence in the merits of its bid, it wouldn't be trying to ram it through by challenging our Shareholder Rights Plan. It would not need to try to steal time for a decision from our shareholders. Suncor is clearly not listening when our shareholders tell them the same thing they are saying to us -- this bid won't fly.
Shareholders don't need to do anything to reject this unwelcome and underwhelming bid. In fact, save yourself the time and hang up when Suncor or one of its paid brokers call." Kubik noted Suncor's position is inconsistent in that it is trashing Syncrude and COS at every turn yet desperately trying to scare and mislead shareholders into an urgent sale. In addition, in his open letter to COS' shareholders, Steve Williams incorrectly describes the terms of his own offer, leaving shareholders with the impression there is only one time to tender. He knows that is simply not true and those are coercive tactics.
"While Suncor uses fear and intimidation to pressure our shareholders, COS's Board is working for shareholders by giving them more time through the Shareholder Rights Plan and conducting a thorough evaluation of alternatives to surface better value," said Donald Lowry, Chairman of Canadian Oil Sands. "Those higher-value alternatives range from a superior offer to remaining an independent company."