The board of Canadian Oil Sands has rejected a hostile takeover bid from Suncor Energy, dismissing the offer as "opportunistic" and "exploitive" and arguing that it "substantially undervalues" the target company. In a letter to shareholders, the board urges them to say no to Suncor, saying its bid tries to take advantage of "unprecedented ... uncertainty in the industry" which has led to a "dramatic deterioration" in the value of Canadian Oil Sands' shares.
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