On October 5, 2015, Suncor Energy (“Suncor”) commenced a hostile takeover bid for Canadian Oil Sands Limited (“COS”). Under the terms of the unsolicited offer, Suncor intended to acquire all of the outstanding shares of COS on the basis of 0.25 of a Suncor share for each COS share.
On January 18, 2016, Suncor amended and increased its original offer to 0.28 of a Suncor share for each COS share with a total aggregate transaction value of approximately $6.6 billion that was supported by the COS Board and shareholders were urged to tender their shares.
The acquisition increases Suncor's ownership of the Syncrude oilsands mining and upgrading operation from 12% to approximately 49%.
Norton Rose Fulbright Canada LLP acted as counsel to the board of directors of Canadian Oil Sands Limited, with a team led by Walied Soliman and Kevin Johnson and including Michael Lang, Orestes Pasparakis, Steve Leitl and Ruth Wahl.