Securities Commission (ASC) has ruled that Canadian
Oil Sands’ (COS) second shareholder plan, a
response to an unsolicited bid by Suncor
Energy, is valid for 90 days.
It's longer than the typical 45-60 days but shorter than new
proposals for 120 days, and comes at a time when local
regulators are considering the future of hostile bids.
Canada is considered a bidder-friendly jurisdiction. While
hostile bids are a fairly rare event in Canada, they are often
successful as boards have little time to react to unsolicited
But changes are underway. In March the Canadian Securities
proposed amendments to the rules on hostile bids, including
extending the minimum bid period from 35 to 120 days. The
proposals are expected to come on stream mid-2016 and would
allow target companies more time to find alternative
Suncor made its C$4.7 billion bid in October,