"An MEG Energy Corp. shareholder vote on a proposed takeover by Cenovus Energy Inc. has been delayed another week. MEG board chair James McFarland twice paused a meeting Thursday to address a last-minute "regulatory inquiry" before adjourning it until Nov. 6. It's the latest twist in a bitter months-long takeover fight that pitted oilsands giant Cenovus against smaller rival bidder Strathcona Resources Ltd."
"Strathcona dropped its all-stock bid earlier this month and on Monday pledged it would vote its 14 per cent stake in MEG in favour of a sweetened offer from Cenovus. Also Monday, Cenovus announced the sale of its Vawn thermal heavy oil operation in Saskatchewan and certain undeveloped land in western Saskatchewan and Alberta to Strathcona for $150 million, including $75 million in cash paid on closing and up to $75 million more, depending on future commodity prices."
A MEG Energy shareholder vote on a Cenovus takeover was adjourned to Nov. 6 after MEG board chair James McFarland paused a meeting twice to address a last-minute regulatory inquiry. Strathcona dropped its all-stock bid earlier and pledged to vote its 14 per cent stake in favour of a sweetened Cenovus offer. Cenovus agreed to sell the Vawn thermal heavy oil operation and certain undeveloped land to Strathcona for $150 million, with $75 million paid on closing and up to $75 million contingent on future prices. The takeover contest followed months of rival bids, board rebukes, and amended offers.
Read at www.cbc.ca
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