MEG Energy Postpones Vote on Cenovus Bid to Oct. 30 as Support Falls Short

The delay gives Cenovus more time to secure the 66.6% approval threshold from shareholders.

Overview

MEG moved the shareholder meeting from Oct. 22 to Oct. 30 at Cenovus’s request and extended the proxy deadline to Oct. 29.
Cenovus reported backing from about 63% of shares represented or expected to be voted, below the two‑thirds required.
Strathcona Resources, holding roughly 14% of MEG, is assumed to have voted its stake against the transaction.
MEG’s board supports the proposal, and Cenovus described its terms as the company’s best and final offer.
The bid values MEG at about C$8.6 billion with an election of $29.50 in cash or 1.24 Cenovus shares per MEG share, subject to caps, reflecting the companies’ adjacent Christina Lake operations.