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Where did the potential buyers of Canadian Oil Sands disappear to?

A truck drives past the Syncrude Canada Ltd. oil sands mine in this aerial photograph taken near Fort McMurray, Alberta.

Unless something dramatic happens between now and Friday, Suncor’s planned, albeit hostile, acquisition of Canadian Oil Sands is expected to play out as anticipated.

While shareholders may not like the all-paper offer, they will support the transaction because the alternative of owning an independent company that trades lower – is not acceptable.

In other words despite the best efforts of the target, the just say no defence that’s part of the dynamics of U.S. takeover scene doesn’t cut it in Canada. At some stage in the process, the shareholders have the final say, a choice made easier because no alternatives have been presented by Canadian Oil Sands (COS.)

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