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Cenovus signs $7.9B deal to buy MEG as Strathcona says company is 'preying on a weak board'
Cenovus Energy Inc. has signed a cash-and-stock deal to buy MEG Energy Corp. that values the company at $7.9 billion, including debt. The deal comes after Strathcona Resources Ltd. made an unsolicited offer for MEG in May that the company urged shareholders to reject.
Strathcona Resources will vote against Cenovus Energy's C$7.9B acquisition of MEG Energy, founder Adam Waterous said.
The Canadian Press on MSN15h
Strathcona blasts MEG Energy's 'weak board' as company chooses $7.9B Cenovus deal
CALGARY — MEG Energy Inc. has accepted a friendly cash-and-stock takeover offer from oilsands neighbour Cenovus Energy Inc.
Cenovus Energy will acquire MEG Energy in a $5.7 billion cash-and-stock deal, consolidating oil sands assets and creating a 720,000 bpd producer.
Adam Waterous, Executive Chairman of Strathcona, said "Strathcona is delighted that the MEG board has accepted Strathcona's recommendation to initiate a strategic alternatives process for the ...
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