exactly, in this environment they should see substantial options to purchase quality assets. COS falling significantly shows they are overpaying at this point.
There are many attractive assets right now that Suncor can pick up. Canadian Oil Sands price will drop by 50% if they turn down the offer. Look where the share price was before the Suncor offer and oil was at $45. Suncor shouldn't raise the bid.
Sentiment: Strong Buy
Check out the price before the Suncor bid, and that was with oil at $45. If the bid is rejected the stock will fall 50% and the chances of bankruptcy will grow substantially.
Sentiment: Strong Sell
11.6 billion in debt and loosing 3 billion a year, 1.5 billion cash on hand, bankrupt by June 2016. Absolutly no way to repay debt. Selling assets doesn't help with those being almost worthless at current oil/ gas prices.