MEG Energy has responded to the revised Strathcona Resources offer, saying it will review the new offer.
MEG responded on Sept. 8, the same day Strathcona made the offer to purchase the company at $30.86 per share. Strathcona says it’s an 11 per cent premium over the agreement between MEG and Cenovus Energy.
Cenovus and MEG entered into an agreement on Aug. 22, which values MEG at $27.76 per share. That agreement was set for an Oct. 9 vote, with at least 66 2/3 per cent of shareholders needing to vote in favour for the agreement to go through.
Strathcona has been purchasing additional shares with the intention of voting against the agreement.
On Sept. 4, Strathcona made the move to purchase an additional 6,035,600 shares for an average of $28.63 per share, totalling $172.7 million.
This purchase brought Strathcona’s current ownership of MEG shares to 14.2 per cent, bringing them closer to being able to solely vote down the agreement.
MEG is set to review the offer and respond on or before Sept. 15.
Read more: Strathcona plans to oppose Cenovus acquisition of MEG
