The Calgary oilsands producer hiked its proposal to either $30 or 1.255 Cenovus shares for every MEG share, up from its earlier offering of $29.50 or 1.24 Cenovus shares. (The Logic)
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The Calgary oilsands producer hiked its proposal to either $30 or 1.255 Cenovus shares for every MEG share, up from its earlier offering of $29.50 or 1.24 Cenovus shares. (The Logic)
Talking point: The higher offer lets Cenovus move ahead with its roughly $8.6-billion takeover of the smaller oilsands producer after a prolonged bidding war. Calgary’s Strathcona Resources, which owns around 14 per cent of MEG’s shares, had itself sought to acquire the company, and its opposition to Cenovus’s bid had forced MEG last week to delay a shareholder vote on the deal. MEG on Monday also said Strathcona would buy $150 million of land and assets from Cenovus as part of the deal, including Cenovus’s Vawn heavy oil site in Saskatchewan.
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