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Strathcona Resources Ltd. has ended its hostile takeover pursuit of MEG Energy Corp.
The move comes two days after Cenovus Energy Inc. sweetened its friendly offer for MEG, its neighbour in Alberta’s oilsands.
Strathcona says the conditions of its offer are no longer capable of being satisfied given the updated Cenovus bid.
Strathcona owns 14.2 per cent of MEG and had been offering 0.80 of one of its shares for each MEG share it did not already own.
The Cenovus offer values MEG at $8.6 billion, including assumed debt and is made up of half equity and half stock.
Strathcona plans to pay a special distribution of $10 per share to all of its shareholders, as it had promised if its MEG takeover didn’t pan out.
This report by The Canadian Press was first published Oct. 10, 2025.
Companies in this story: (TSX:MEG, TSX:CVE, TSX:SCR)
The Canadian Press
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