Strathcona Terminates MEG Take-Over Bid
Strathcona has officially pulled its take-over bid for MEG Energy, just two days after Cenovus Energy revised their offer.
Following the revised agreement between Cenovus Energy and the MEG board of directors, Strathcona believes the conditions to its offer are no longer capable of being satisfied.
Strathcona has concluded that the MEG Board’s ability to continuously extend the Cenovus meeting date and continuously allow Cenovus to purchase and vote additional shares, makes an improved offer for MEG impractical and not in the best interests of Strathcona shareholders.
Author's summary: Strathcona ends bid for MEG Energy.