The Deal Register
Database › M&A › MEG Energy Recommends that Shareholders Reject the Revised Strathcona…

M&A

MEG Energy Recommends that Shareholders Reject the Revised Strathcona Offer;

Lane
M&A
Announced
15 Sep 2025
Province
Alberta
Industry
Energy — upstream
Status
In court
Latest event
Court hearing scheduled
What the filing says
(Calgary Time) on October 7, 2025 (or if the Meeting is adjourned or postponed, no later than 4:30 p.m.
Consideration
$8.20B
Proceeding opened
07 Oct 2025
Credits
BMO Capital Markets (financial advisor); Burnet, Duckworth & Palmer LLP (legal advisor); RBC Capital Markets (financial advisor); Norton Rose Fulbright Canada LLP (legal advisor)
cash consideration
$27.25 (per MEG Share)“The Cenovus Transaction provides MEG Shareholders with choice to elect their preferred form of consideration and is to be completed by way of a plan of arrangement under the Business Corporations Act ( Alberta ) where each MEG Shareholder will be entitled to elect to receive: i. $27.25 in cash per MEG Share; or ii.”
consideration form
cash and shares“Unlike the Revised Strathcona Offer, the Cenovus Transaction offers MEG Shareholders either the combination of cash and shares, or the option to choose their preferred form of consideration.”
premium to market
30% (its NAV)“Third party research notes that Strathcona is "trading at a ~30% premium to its NAV, versus the median E&P in our coverage trades at a discount" 1 and, as of September 12, 2025 , the median target price of Strathcona Shares among equity research analysts covering Strathcona was below the market-observed trading price of Strathcona Shares.”
price per security
$28.18 (per share)“Reaffirms Support for the Cenovus Transaction (CNW Group/MEG Energy Corp.) On August 22, 2025 , MEG announced it had entered into an arrangement agreement (the "Arrangement Agreement") with Cenovus Energy Inc. (TSX: CVE ) (NYSE: CVE) ("Cenovus") under which Cenovus will acquire all of the issued and outstanding MEG Shares in a transaction that values MEG at $28.18 per share on a fully prorated basis at Cenovus's closing share price on September 12, 2025 , representing an enterprise value of approximately $8.2 billion , including assumed debt (the "Cenovus Transaction").”
Source

Compiled from public filings, court documents, exchange bulletins and issuer releases. Figures are as disclosed and are not independently verified.

Not financial, investment, legal or tax advice, and not an offer to buy or sell any security. Verify everything before you transact.

The Deal Register · Archive · Subscribe