Overview
- MEG Energy adjourned its shareholder meeting to Nov. 6 after a late regulatory inquiry surfaced during the scheduled vote.
- Chair James McFarland said the delay, agreed to by Cenovus, will allow MEG to provide additional information on the Cenovus–Strathcona asset transaction and the board’s process.
- Cenovus recently agreed to sell its Vawn thermal heavy oil operation and certain undeveloped lands to Strathcona for $150 million, including $75 million at closing and up to $75 million tied to commodity prices.
- Strathcona, which holds about 14% of MEG, has pledged to vote its stake in favor of Cenovus’s sweetened bid after withdrawing its own offer.
- Cenovus’s revised proposal is structured as roughly half cash and half stock at about C$30 per share, while some MEG shareholders have asked Alberta regulators to review alleged deal lock-up tactics.