From Yahoo Finance: 2025-06-17 05:28:00

MEG Energy’s Board of Directors advises shareholders to reject Strathcona Resources’ $4.42bn takeover bid, citing inadequate compensation and inferior assets compared to MEG’s prime Athabasca oil sands holdings. Concerns include potential share price pressure and lack of a significant premium. Strategic review for superior offers authorized. Bid open until 15 September 2025.

Special committee evaluation leads MEG Energy’s board to unanimously recommend shareholders reject Strathcona Resources’ unsolicited takeover bid, estimating nearly C$6bn. Offer consists of 0.62 Strathcona share and $4.10 cash per MEG share. Board outlines reasons for rejection, highlighting MEG’s superior asset portfolio and growth potential in Athabasca oil sands.

Read more: MEG Energy advises shareholders to reject Strathcona’s $4.42bn takeover bid