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Suncor and COS await Alberta Securities Commission ruling today

PHOTO. A 2011 photo of Syncrude's production facility at the Mildred Lake site. File photo.

Suncor Energy and Canadian Oil Sands Limited play the waiting game today as the Alberta Securities Commission is set to rule on COS’ poison pill defence.

COS enacted the shareholder rights plan to give its stakeholders 120 more days or into early February to mull over Suncor’s $4.5 billion all-stock takeover bid, Suncor is trying to get that plan overturned by the ASC.

Suncor’s offer came with a deadline of Friday Dec.6, just 60 days.

If the Securities Commission rules in Suncor’s favour COS shareholders will need to make their decision on the deal by Friday.

Lawyers for Canadian Oil Sands have argued the company’s shareholders needed more time to consider their options, including the potential for an offer by another party.

Suncor has said it is willing to walk away from the deal if things don’t go its way.

– With files from the Canadian Press