In this October 25, 2009 file photo, workers leave the Suncor oil sands extraction facility near the town of Fort McMurray in Alberta Province, Canada. Canadian oil giant Suncor Energy launched October 5, 2015 an unsolicited $4.3 billion (US$3.3 billion) all-stock offer for oil sands producer Canadian Oil Sands. Suncor's takeover move comes amid consolidation in the oil sands industry in western Canada, hammered by the fall in oil prices.MARK RALSTON/AFP / Getty Images
Suncor Energy Inc says its effort to get a shareholder rights plan adopted by Canadian Oil Sands Ltd thrown out will be heard on Nov. 26 by Alberta's securities regulator.
Suncor launched a $4.3-billion hostile takeover bid for Canadian Oil Sands in early October, prompting the target company's board to implement the rights plan that requires bids to be open for 120 days. Suncor's bid expires Dec. 4. Suncor has called the move by COS a stalling tactic and wants the Alberta Securities Commission to strike it down.
"COS has had more than enough time to identify and present to shareholders any value enhancement alternatives that may exist," Suncor CEO Steve Williams said in a statement late Thursday.
Canadian Oil Sands has called the bid opportunistic and said it undervalues the company's prospects.
In a statement Thursday, COS called Suncor's move a "smokescreen" designed to obscure a weak offer and said it would "vigorously oppose" the application.