The Calgary company announced that a shareholder meeting scheduled for Wednesday, Oct. 22, has been pushed back to Thursday, Oct. 30, at Cenovus’s request. Cenovus currently has 63 per cent support for its acquisition, MEG said on Tuesday, just shy of the 66.6 per cent it needs to secure approval. (The Logic)
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The Calgary company announced that a shareholder meeting scheduled for Wednesday, Oct. 22, has been pushed back to Thursday, Oct. 30, at Cenovus’s request. Cenovus currently has 63 per cent support for its acquisition, MEG said on Tuesday, just shy of the 66.6 per cent it needs to secure approval. (The Logic)
Talking point: The delay suggests Cenovus’s bid to acquire Canada’s last independent oilsands producer is at risk of collapsing. Cenovus has been locked in a battle with Calgary’s Strathcona Resources—which owns 14 per cent of MEG—for control of the company all summer, and sweetened its offer earlier this month. Strathcona dropped its rival bid two days later, but the company “is assumed to have voted against the Cenovus transaction,” according to MEG. MEG’s board has long supported the Cenovus offer and rejected Strathcona’s, and again on Tuesday said Cenovus offers a 44 per cent premium on MEG shares and future growth potential.
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