Businessman advises COS to re­ject Sun­cor bid

The Guardian (Charlottetown) - - BUSINESS -

CALGARY — A prom­i­nent Cana­dian businessman has taken out full-page news­pa­per ads to de­clare his op­po­si­tion to a hos­tile takeover of Cana­dian Oil Sands, but the CEO of Sun­cor En­ergy says he be­lieves Sey­mour Schulich is in the mi­nor­ity. In the ads, ad­dressed to fel­low COS share­hold­ers, Schulich ac­cused Sun­cor of “try­ing to pull a fast one” with its “un­ac­cept­able” of­fer: a quar­ter of a Sun­cor share (TSX:SU) for each COS share (TSX:COS). That amounts to a to­tal of $4.3 bil­lion, based on Sun­cor’s share price. “The fact is Sun­cor needs Cana­dian Oil Sands more than we need them,” wrote Schulich who, in his open let­ter, de­scribed a long ca­reer work­ing and in­vest­ing in the oil and gas in­dus­try. “I’m not sell­ing at this price and you shouldn’t ei­ther.” The ads ap­pear in the Tues­day busi­ness sec­tions of The Globe and Mail and the Na­tional Post news­pa­pers as the two Calgary-based oil­sands com­pa­nies woo share­hold­ers ahead of a Fri­day dead­line set by Sun­cor. Sun­cor also took out ads ad­dress­ing COS share­hold­ers with the head­line: “Hope is not a strat­egy.”

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