Overview

• Cenovus disclosed buying 3,276,460 more MEG shares, bringing its total to 25,000,000, or 9.8% of shares outstanding.
• The shares were acquired on Canadian markets including the TSX and, where allowed, will be voted in favor of the proposed transaction.
• A revised standstill agreement lets Cenovus accumulate as much as 9.9% before the shareholder decision, placing it just below the cap.
• MEG holders will consider a C$8.6 billion, 50/50 cash-and-stock bid endorsed by MEG’s board at an Oct. 22 meeting that requires two-thirds approval.
• Rival Strathcona has terminated its pursuit of MEG, removing an active competing bid ahead of the vote.