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Cenovus Energy Raises Meg Energy Offer, Wins Strathcona Support

On October 27, 2025, Cenovus Energy Inc. amended its offer to $30.00 cash or 1.255 shares per MEG Energy Corp. share, while Strathcona Resources Ltd. entered a voting support agreement backing the transaction.
A delayed shareholder vote was postponed from Oct. 22 to Oct. 30 after it appeared MEG shareholders might not meet the two‑thirds shareholder approval requirement.
Under the amended agreement, Cenovus agreed to sell the Vawn thermal heavy oil asset and undeveloped lands at Lindbergh, Plover Lake, and Glenbogie to Strathcona for up to $150 million, including $75 million contingent.
Strathcona agreed to vote its 36,100,000 common shares of MEG in favour, and MEG said it now expects around 79 per cent approval at the MEG Meeting, October 30, 2025, with proxies due October 29, 2025.
The transaction needs two‑thirds shareholder approval and closing is expected in the fourth quarter of 2025, while MEG's Christina Lake oil sands project offers long reserve life and low costs.

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Cenovus raises MEG offer, wins Strathcona support

Cenovus Energy Inc.'s takeover of MEG Energy Corp. appears poised to win shareholder approval later this week after the oilsands giant raised what it had said was its "best and final" offer and secured the support of one-time rival Strathcona Resources Ltd.

3 hours ago·Toronto, Canada

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La Presse

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Bituminous Sands: Cenovus Energy Raises Its Offer for Meg Energy

Cenovus Energy again raised its buy-back offer on MEG Energy on Monday, winning the support of Strathcona Resources, which was opposed to it.

5 hours ago·Montreal, Canada

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Financial Post

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Cenovus strikes side deal with Strathcona to secure support for MEG takeover

Cenovus has struck a side deal with Strathcona to remove any objections to its takeover bid for MEG Energy before Thursday's vote. Read on

6 hours ago·Canada

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CBC News

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Cenovus raises MEG Energy offer, wins Strathcona support

Cenovus Energy Inc. has raised its takeover offer for MEG Energy Corp., winning the support of Strathcona Resources Ltd., which had opposed the deal.

7 hours ago·Canada

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The Globe & Mail

Center

Cenovus further sweetens offer for MEG, wins Strathcona’s backing

MEG said it now expects around 79% of votes to approve the transaction at a meeting on Thursday

9 hours ago·Canada

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Enid News & Eagle

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Cenovus announces amendment to agreement with MEG Energy and voting support agreement with ...

CALGARY, Alberta, Oct. 27, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced that it has entered into a second amending agreement in respect of the arrangement agreement dated August 21, 2025 (as amended, the “Agreement”)…

10 hours ago

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