Cenovus Energy Inc. has postponed a special meeting where the vote for their proposed acquisition of MEG Energy Corp. was set to take place.
Cenovus says it’s exercising its contractual postponement right, moving the meeting from the original Oct. 22 date to Oct. 30.
The company says this offer is its final one.
“Cenovus would like to reiterate that the transaction terms represent Cenovus’s best and final offer and is the only corporate transaction currently available to MEG shareholders,” Cenovus said in a news release.
According to Cenovus, 63 per cent of the MEG common shares represented by proxy or to be voted in person at the meeting are for the approval of the takeover.
This is the second delay to the vote; shareholders were originally set to vote earlier in October.
The agreement being voted on will see MEG valued at $8.6 billion with shareholder having the option to receive $29.50 in cash or 1.240 Cenovus common share per MEG Share.
Read more: Cenovus Energy acquires 9.8 per cent of MEG Energy shares
