MEG Energy says shareholders voted in favour of a bid by Cenovus Energy to takeover the company.
A special meeting was held today, Nov. 6, to vote on the deal. According to MEG, the transaction was approved with 86.15 voting in favour of the deal.
The bid to takeover MEG Energy saw two oil giants, Cenovus and Strathcona Resources, put in separate bids for the company.
Strathcona first announced their bid to buy MEG in late May, which was met with MEG urging shareholders to reject the offer. They amended their offer in September, hoping to sweeten the bid.
MEG Energy then entered into an agreement to be acquired by Cenovus in August. Cenovus improved their offer twice to takeover MEG Energy, ultimately having shareholders vote in favour of the deal at the Nov. 6 meeting.
MEG’s application to the Court of King’s Bench of Alberta for a final order in respect to the transaction is expected to take place in mid-November and is still subject to approval by the court.
Read more: Cenovus Energy to acquire MEG Energy
