The company sweetened its takeover offer for MEG to about $8.6 billion. Under the terms of the deal, MEG shareholders would receive their choice of either $29.50 or 1.24 Cenovus common shares for every share they own. Cenovus’s earlier bid carried an approximate value of $28.18 per share. (The Logic)
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The company sweetened its takeover offer for MEG to about $8.6 billion. Under the terms of the deal, MEG shareholders would receive their choice of either $29.50 or 1.24 Cenovus common shares for every share they own. Cenovus’s earlier bid carried an approximate value of $28.18 per share. (The Logic)
Talking point: The move extends a bidding war between Cenovus and Calgary rival Strathcona Resources for Canada’s last independent oilsands producer. Strathcona, which owns 14.2 per cent of MEG, has offered $30.86 per share. MEG’s board has urged shareholders to back Cenovus’s bid, arguing that the much larger oilsands producer enjoys a sturdier stock value and superior technical know-how that will help it integrate MEG’s operations. Strathcona, for its part, has claimed that Cenovus’s offer amounts to government interference due to some Indigenous communities’ subsidized involvement in the company’s proposed takeover.
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