US EditionStrathcona Formally Launches Takeover Bid for Oilsands Peer MEG Energy
- On May 30, 2025, in Calgary, Strathcona Resources Ltd. Officially initiated a bid to acquire oilsands producer MEG Energy.
- Strathcona's bid follows its recent decision to focus exclusively on heavy oil operations after divesting its Alberta shale natural gas assets for $2.84 billion.
- The offer includes 0.62 Strathcona shares plus $4.10 cash for each MEG share, with MEG's board and advisers set to review it while urging shareholders to wait for recommendations.
- Waterous Energy Fund, owning nearly 80% of Strathcona with a $662 million investment, called MEG and Strathcona assets 'like doppelgangers' and stressed confidence in value and long-term gains.
- Following the bid announcement, MEG's stock declined by nearly two per cent as investors anticipate potential rival offers from oilsands giants such as Cenovus, Canadian Natural, or Imperial Oil.
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12 Articles
Strathcona formally launches takeover bid for oilsands peer MEG Energy – Oil & Gas 360
(BOE Report) – CALGARY – Strathcona Resources Ltd. has begun its formal takeover bid for fellow oilsands producer MEG Energy. Its offer comprises 0.62 of a common share of Strathcona and $4.10 in cash for each MEG share it doesn’t already own. The offer is open until Sept. MEG says its board and legal and financial advisers will consider the offer, and that a special committee of independent directors will assist. The target company is urging sha
Strathcona Resources Ltd. Commences Offer to Acquire MEG Energy Corp.
CALGARY, AB, May 30, 2025 /PRNewswire/ - Strathcona Resources Ltd. ("Strathcona") announced today that it has formally commenced its offer (the "Offer") to acquire all of the issued and outstanding common shares of MEG Energy Corp. (TSX: MEG) ("MEG") not already owned by Strathcona or its affiliates for 0.62 of a common share of Strathcona ("Strathcona Share")
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