M&A

MEG Energy Recommends that Shareholders Reject the Revised Strathcona Offer;

M&A · Alberta · Energy — upstream · Court hearing scheduled · In court · 15 Sep 2025

(Calgary Time) on October 7, 2025 (or if the Meeting is adjourned or postponed, no later than 4:30 p.m.

cash consideration $27.25 (per MEG Share)
consideration form cash and shares
premium to market 30% (its NAV)
price per security $28.18 (per share)

Consideration $8.20B

Opened 07 Oct 2025

BMO Capital Markets (financial advisor); Burnet, Duckworth & Palmer LLP (legal advisor); RBC Capital Markets (financial advisor); Norton Rose Fulbright Canada LLP (legal advisor)

“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.”

“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.”

“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.”

“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").”

• MEG Energy Recommends that Shareholders Reject the Revised Strathcona Offer;

Announcement of Commencement of Sale and Investment Solicitation Process in respect of Paystone Holdings…

M&A · Ontario · Unclassified · Sale process launched · In court · 13 Jul 2026

On July 10, 2026, the Monitor obtained an order of the Ontario Superior Court of Justice (Commercial List) (the " Court ") as part of the Company's proceedings under the Companies' Creditors Arrangement Act (Canada) (the " CCAA "), approving the SISP.

bid deadline 2026-08-04

Opened 06 Jul 2026

Next court date 04 Aug 2026

“The following table sets out the key milestones of the SISP: Milestone Deadline Bid Deadline August 4, 2026 at 5:00 p.m.”

• Announcement of Commencement of Sale and Investment Solicitation Process in respect of Paystone Holdings…

Carriage Hill Properties Acquisition Corp. / INTERRENT REIT

M&A · Ontario · Real estate · Announced · 09 Jul 2026

Carriage Hill Properties Acquisition Corp. ("Carriage Hill" or the "Purchaser"), a newly formed entity, established in connection with the transaction, together with the manager CLV Asset Management Inc. confirmed the completion of the previously announced privatization of InterRent Real Estate Investment Trust (TSX: IIP.UN ) ("InterRent" or the "REIT").

cash consideration $13.55 (per unit)

Consideration $4B

BMO Capital Markets (financial advisor); Norton Rose Fulbright Canada LLP (legal advisor); Scotiabank (financial advisor); Goodmans LLP (legal advisor); Stikeman Elliott LLP (legal advisor); LaBarge Weinstein LLP (legal advisor); Skadden, Arps, Slate, Meagher & Flom LLP (legal advisor)

“Pursuant to the arrangement, Carriage Hill acquired all of the issued and outstanding units of InterRent, other than certain units held by retained interest holders, for cash consideration of $13.55 per unit.”

• CARRIAGE HILL PROPERTIES ACQUISITION CORP. AND CLV ASSET MANAGEMENT INC. COMPLETE PRIVATIZATION OF INTERRENT…