Suncor Energy Inc. (Suncor) announced a hostile offer to buy all of the outstanding shares of Canadian Oil Sands Limited (COS) on October 5, 2015. As the owner on behalf of our clients of COS shares, Burgundy will not accept the original Suncor offer. In the latest issue of The View from Burgundy, we outline why. In short, COS owns a stake in a unique and extremely valuable long-term asset, a scarce resource that is almost impossible to replicate. And the price Suncor is offering, representing one-half of what it would cost to recreate this asset (if it was possible), is unacceptable.