Cenovus Boosts MEG Energy Bid, Gains Key Support from Strathcona Resources

Cenovus Energy has enhanced its takeover bid for MEG Energy, securing crucial backing from Strathcona Resources, which previously opposed the acquisition, marking a potential shift in the energy sector.

• Cenovus Energys revised bid offers $30 in cash or 1.255 shares for each MEG Energy share, up from $29.50, reflecting a strategic move to gain control of the company.
• The new offer includes limits of $3.8 billion in cash and 159.6 million shares, demonstrating Cenovus Energys commitment to acquiring MEG Energy amid competitive market dynamics.
• Strathcona Resources, based in Strathcona, Alberta, has switched its stance to support Cenovus Energys takeover bid, signaling a potential consolidation trend in the Canadian energy sector.