Cenovus Delays Meg Energy Shareholder Vote Of Takeover Offer - Beritaja

Cenovus Energy Inc. says a ballot by MEG Energy Corp. shareholders connected its proposed takeover offer is being postponed aft it appeared support mightiness autumn short of the required two-thirds majority.

The institution said Tuesday astatine the clip of the postponement that about 63 per cent of the MEG shares represented by proxy aliases expected to beryllium voted successful personification astatine the gathering backed the bid.

A gathering group for Wednesday is now to beryllium held connected Oct. 30. The deadline for submitting proxies has been extended to Oct. 29.

“Cenovus would for illustration to reiterate that the transaction position correspond Cenovus’s champion and last offer, and is the only firm transaction presently disposable to MEG shareholders,” the oilsands elephantine said successful a statement.

Independent oilsands shaper Strathcona Resources Ltd., which owns a 14 per cent liking successful MEG and precocious dropped its ain dispute connection for that company, is assumed to person voted its shares against the deal, Cenovus added.

The Cenovus proposal, which is simply a operation of rate and banal that values MEG astatine about $8.6 billion, including assumed debt, has the backing of the MEG committee of directors.

Dane Gregoris, who leads the lipid and state investigation group astatine Enverus, said he expects Cenovus can get capable shareholders connected committee for the woody to pass.

“It’s apt a usability of talking to each shareholder, trying to person them to vote,” he said. “Usually the biggest clasp up to these processes are group conscionable not voting.”

With lipid prices hovering astatine a lacklustre US$57 a barrel, Cenovus is consenting to salary a reasonable value for MEG, Gregoris added.

“However messy it was, it did really activity retired rather good for MEG shareholders.”

MEG said investors who person not already voted should ballot their shares for the woody by the revised deadline, while those who antecedently voted against the woody are recommended to revoke their anterior ballot and support the offer.

This is the 2nd clip the ballot by MEG shareholders has been delayed. Shareholders were group to ballot connected the woody earlier this month, but was delayed after Cenovus raised its connection and accrued the proportionality of shares disposable nether its bid.

Cenovus and MEG person side-by-side oilsands properties astatine Christina Lake, southbound of Fort McMurray, Alta., while Strathcona besides has operations successful the region.

This study by BERITAJA was first published Oct. 21, 2025.

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