US EditionCanadian oil producer Strathcona to launch $5.93-billion hostile bid for MEG Energy
- On May 15, 2025, Strathcona Resources Ltd. Initiated a $5.93-billion hostile offer to acquire MEG Energy, seeking to merge two Alberta-based oilsands producers.
- The bid follows Strathcona's strategic shift to focus on heavy oil after selling its Alberta shale natural gas assets for $2.84 billion earlier in 2025.
- Strathcona offers 0.62 of its share plus $4.10 cash per MEG share, valuing the deal at $23.27 per share, a 9.3% premium, and expects $175 million in annual synergies if completed.
- Analysts describe the offer as modest or an 'affront' to MEG shareholders since MEG shares hit $25.29, exceeding the bid, while Strathcona holds a 9.2% stake and plans further investment.
- The offer was rejected by MEG's board, which will review it and advise shareholders, while industry experts expect ongoing consolidation, possibly with competing bids from larger oilsands players.
22 Articles
22 Articles
Strathcona Resources aims to join oilsands ‘doppelgangers’ with MEG takeover bid
CALGARY - The executive chairman of Strathcona Resources Ltd. says his company aims to join two complementary oilsands players with its unsolicited takeover bid for MEG Energy Corp., but one
SooToday.com
Strathcona Resources aims to join oilsands 'doppelgangers' with MEG takeover bid
CALGARY — The executive chairman of Strathcona Resources Ltd. says his company aims to join two complementary oilsands players with its unsolicited takeover bid for MEG Energy Corp., but one analyst calls the $5.
Strathcona Makes Takeover Offer for MEG Energy
Strathcona has made an offer to acquire sector player MEG Energy for the equivalent of some $4.25 billion in cash and stock, per Reuters calculations. The offer represents a 9.3% premium to MEG Energy’s closing price on Thursday. “The combination of Strathcona and MEG would unify two 100+ Mbbls/d heavy oil “pure plays” with near identical netbacks and reserve life indexes, both focused on SAGD oil sands development,” Strathcona said in a news re…
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