Suncor Energy Inc. (NYSE: SU) said Feb. 5 it has acquired a roughly 70% stake in Canadian Oil Sands Ltd.
About 72.9% of Canadian Oil Sands shares equating to nearly 353.3 million common shares and accompanying rights have been tendered to Suncor's offer, according to a release.
Suncor will take up all tendered shares and those shares will be paid for in accordance with the terms of the offer, initially made Oct. 5 and most recently amended Jan. 22.
In January, Suncor reached a deal to acquire rival Canadian Oil Sands by raising its all-stock offer. The deal, valued at about C$4.24 billion (US$2.93 billion), came days after Suncor's hostile bid fell short of support from Canadian Oil Sands shareholders.
Suncor will now offer Canadian Oil Sands shareholders 0.28 of a Suncor share for each share held, up from the initial bid of 0.25 shares. The new offer values Canadian Oil Sands at C$8.74 per share, a premium of nearly 17% over the closing price of both stocks on Jan. 15.
Suncor has extended its offer to Feb. 22 so that Canadian Oil Sands shareholders who have not yet tendered their shares can do so. Further extensions beyond Feb. 22 are not anticipated, the release said.
D.F. King is information agent for the offer.
Related: Suncor To Buy Canadian Oil Sands With Sweetened Offer
Recommended Reading
Qnergy Tackles Methane Venting Emissions
2024-03-13 - Pneumatic controllers, powered by natural gas, account for a large part of the oil and gas industry’s methane emissions. Compressed air can change that, experts say.
A Different Way to Approach Energy Industry Hiring
2024-02-07 - Modern energy companies have embraced competitive efficiency, cutting-edge innovation and ESG transparency. It is time for modern energy hiring to do the same.
Women in Energy: Here’s to Ms. Flat-Bottomed Paper Bag Inventor
2024-03-10 - A salute to the women of genius, including ‘Ms. Plain English Computer Language Inventor’ and ‘Ms. Parity is Not Conserved in Weak Interaction Discoverer.’
MethaneSAT: EDF’s Eye in the Sky Targets E&P Emissions
2024-03-07 - The Environmental Defense Fund and Harvard University recently launched MethaneSAT, a satellite tracking methane emissions. The project’s primary target: oil and gas operators.
Exclusive: Scepter CEO: Methane Emissions Detection Saves on Cost
2024-04-08 - Methane emissions detection saves on cost and "can pay for itself," Scepter CEO Phillip Father says in this Hart Energy exclusive interview.