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Suncor Energy CEO and president Steve Williams. Image courtesy of Suncor Energy/Flickr.

Alberta-based Suncor Energy made an unsolicited $3.3 billion takeover bid on Monday for Canadian Oil Sands Ltd.

A source close to the matter told Reuters that Canadian Oil Sands will most likely reject the offer.

The proposed bid would have Suncor acquire all of the company’s outstanding shares.

Suncor has offered each Canadian Oil Sands shareholder 0.25 of a Suncor share per Canadian Oil Sands share.

Including Canadian Oil Sands’ estimated outstanding net debt of $2.3 billion as of June 30, 2015, the total transaction is valued at $5.05 billion, or C$6.6 billion.

Canadian Oil Sands has urged its shareholders to “not to take any action or make any decision with regard to the Suncor offer until the board has had an opportunity to fully review the Suncor offer and to make a recommendation as to its merits.”

Suncor chief executive Steve Williams told Reuters his company proposed bids to Canadian Oil Sands in March and April but both were rejected.

Low oil prices have not dampened Suncor’s interest in acquiring the rival firm.

This deal is not conditional on this being the bottom (for oil prices). We have actually looked at a case where it stays lower for longer and even in these market conditions we’ve been producing free cash,” Williams told the news wire.

Suncor currently holds a 12 percent stake in the Syncrude oil sands project near Fort McMurray, Alberta.

Canadian Oil Sands is the largest stakeholder in the project with a 36.74 percent interest.

The project produced an average of 308,600 barrels per day in August and is operated by Syncrude Canada Ltd, a joint venture between seven firms.

Production at Syncrude was temporarily halted in August following a process fire in the interconnecting piping between the project’s hydrotreating units and environmental units at Syncrude’s Mildred Lake upgrader.

The main coker conversion units were not damaged and Syncrude continued to operate while the cause of the fire was investigated.

Normal operations resumed at the project on October 2.