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Does Suncor have an ‘obligation’ to release results of its offer for Canadian Oil Sands?

Lawyers for COS argue there is a precedent for its demand that Suncor release the results.

On the first day of trading after Suncor failed to receive enough shareholder support for its bid to take over Canadian Oil Sands, the hunted turned hunter: COS says Suncor has an “obligation to disclose material facts” on its bid.

In particular, COS wants to know how many shareholders tendered stock, or how much support Suncor received. There is talk that the number is around 40 per cent, which is a long way from the 66-2/3 per cent condition imposed by Suncor. The bid offer has now been extended to Jan. 27.

Clay Horner, a member of the team at Oslers, the law firm acting for COS, said “our position is that they are required to make that disclosure and that they were required to make it before the markets opened on Monday.”

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