Market Impact: We expect COS shares to trade close to the improved offer's 0.28 (COS/SU) exchange ratio, compared to January 15 closing share prices which implied a ratio of 0.240x. Suncor and COS announced this morning that both boards have agreed to a higher bid of 0.28 SU shares per COS share (previously 0.25 SU shares), with Mr. Seymour Schulich also committed to tendering his shares (~5%).