The Calgary oilsands producer recommended that shareholders instead support a $8.2-billion friendly takeover proposal from Cenovus Energy, which values MEG shares at $28.18 apiece. (The Logic)
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The Calgary oilsands producer recommended that shareholders instead support a $8.2-billion friendly takeover proposal from Cenovus Energy, which values MEG shares at $28.18 apiece. (The Logic)
Talking point: This is the latest salvo in a bidding war for Canada’s last independent oilsands producer. Strathcona, which is majority owned by Calgary’s Waterous Energy Fund, first proposed a hostile takeover in May. After oilsands giant Cenovus came in with its own offer, Strathcona upped its bid this month from $28.02 per share to $30.86. In a statement on Monday, MEG chair James McFarland said the all-stock Strathcona bid was “fundamentally unattractive for MEG shareholders because it fails to address or adequately compensate for the significant risks embedded in Strathcona shares.”
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