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Stock Market & Financial Investment News

News For IMO;SU;CNQ From The Last 14 Days
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October 8, 2015
15:19 EDTCNQCanadian Natural upgraded to Peer Perform from Underperform at Wolfe Research
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09:37 EDTSUCenovus Energy could be target after Suncor went after COS, dealReporter says
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October 7, 2015
08:09 EDTSUCanadian Oil Sands sets new shareholder rights plan
Canadian Oil Sands (COSWF) announced today that its board has adopted a new Shareholder Rights Plan, effective immediately, in response to Suncor Energy (SU) announcement on October 5 that it is making an unsolicited all-share offer to acquire all of the outstanding common shares of Canadian Oil Sands. The New Rights Plan is designed to ensure that Canadian Oil Sands' Shareholders and the Board have adequate time to consider and evaluate Suncor's offer and any other unsolicited take-over bid or other strategic alternatives. Suncor initially approached the company in March with a letter that contained no offer and provided no basis for further discussions. The board then received a non-binding expression of interest on April 9, and with the assistance of its financial and legal advisors, the board carefully reviewed that proposal; it was unanimously rejected for several reasons as not being in the best interests of the company and its Shareholders and the board advised Suncor of that decision. When the board rejected the proposal on April 16, the price implied by Suncor's proposal for the Shares was at a discount to Canadian Oil Sands' closing price of $12.96 per Share on that day. Suncor's recent offer is substantially less than the proposal rejected by the board in April.
October 5, 2015
15:21 EDTSUCanadian Oils Sands to reject Suncor bid, unlikely to engage, Reuters says
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13:24 EDTSUCanadian Oil Sands says will review unsolicited Suncor offer
Canadian Oil Sands responded to the announcement by Suncor Energy that it is making an unsolicited offer to acquire all of the outstanding shares of Canadian Oil Sands. The board of directors of Canadian Oil Sands together with its advisors will review the Suncor offer and related take-over bid circular and will communicate a recommendation to shareholders as soon as possible, the company stated. The company had previously engaged RBC Royal Bank, as financial advisor, Osler, Hoskin & Harcourt, as legal advisor, and Kingsdale Shareholder Services, as strategic shareholder services advisor and information agent, who will now assist the board in responding. Shareholders will be promptly notified of any recommendation of the board through a news release and circular in accordance with the applicable securities law, Canadian Oil Sands said.
06:32 EDTSUSuncor commences offer for oustanding shares of COS Limited
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