Strathcona Resources Terminates Takeover Bid for MEG Energy Corp.
Strathcona Resources announced the termination of its takeover bid for MEG Energy Corp.
The decision was made due to the revised arrangement agreement between MEG's board of directors and Cenovus Energy Inc., which led Strathcona to believe that the conditions for its offer could no longer be satisfied.
The MEG Board's decision to waive Cenovus' standstill and allow it to vote shares acquired after the record date in favor of its own transaction is without precedent in the Canadian public markets and the latest in a series of anti-competitive actions taken by the MEG Board.
Strathcona concluded that the MEG Board's actions made an improved offer impractical and not in the best interests of Strathcona shareholders.
Author's summary: Strathcona terminates bid for MEG Energy Corp.