Overview

• MEG and Cenovus signed an amending agreement valuing MEG at C$29.80 per share, with elections of C$29.50 in cash or 1.240 Cenovus shares subject to proration.
• The amended terms cap total consideration at about C$3.8 billion in cash and roughly 157.7 million Cenovus shares.
• MEG’s board unanimously recommends the improved deal, with the shareholder meeting moved to October 22 and proxy and election deadlines set for October 20.
• Cenovus labeled the revised terms its best and final offer, and the standstill now allows it to purchase up to 9.9% of MEG before the vote.
• Canadian and U.S. competition clearances have been received, with closing still requiring court approval and at least two‑thirds support from MEG shareholders; Strathcona’s separate bid previously valued MEG at C$30.86 per share.