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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Imperial Oil Limited | AMEX:IMO | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.02 | -0.03% | 68.05 | 69.01 | 67.23 | 68.56 | 268,270 | 23:30:20 |
Canadian Oil Sands Ltd. recommended its shareholders reject a hostile, 4.47 billion Canadian dollar (US$3.46 billion) takeover offer from Suncor Energy Inc., calling the bid opportunistic and saying it undervalues the company.
The formal rejection Monday comes less than two weeks after Canadian Oil Sands adopted a so-called poison pill plan in response to Suncor's all-stock offer.
In a letter, Canadian Oil Sands offered 15 reasons shareholders should reject the offer, including that it "substantially undervalues" the company's key Syncrude oil-sands asset and arguing that the timing is opportunistic due to "unprecedented conditions" in the energy industry.
Suncor is offering 0.25 of a share for each Canadian Oil Sands share, valuing Canadian Oil Sands' shares at C$9.22 each based on closing prices Friday.
Suncor, Canada's biggest oil and gas producer, launched its hostile offer two weeks ago in an effort to boost its oil-sands presence at a time when oil prices have slumped to six-year lows.
The bid faced early headwinds when Canadian Oil Sands adopted its poison-pill plan and some shareholders came out against the offer.
Canadian Oil Sands, with a 37% stake, is the largest owner of the Syncrude mining consortium. Exxon Mobil Corp.'s Canadian subsidiary, Imperial Oil Ltd., owns a 25% interest and operates Syncrude, while Suncor holds a 12% share. Four other oil companies own smaller interests.
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(END) Dow Jones Newswires
October 19, 2015 08:05 ET (12:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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