06:14 AM EDT, 10/27/2025 (MT Newswires) -- MEG Energy ( MEGEF ) entered Monday into a second amending agreement with Cenovus Energy ( CVE ) that increases the consideration payable to holders of common shares in MEG to $30.00 per MEG share based on Cenovus's closing share price on October 24, 2025.

Among highlights, the improved transaction consideration will be payable 50% in cash and 50% in highly liquid Cenovus shares

The MEG board recommends MEG Shareholders vote for the improved Cenovus transaction.

Cenovus for its part noted that under the terms of the new agreement, each MEG shareholder will now have the option to elect to receive, for each MEG common share, $30.00 in cash; or 1.255 Cenovus common shares, subject to rounding and pro-ration based on a maximum amount of $3.8 billion in cash and a maximum of 159.6 million Cenovus common shares. On a fully pro-rated basis, the consideration per MEG common share represents approximately $15.00 in cash and 0.6275 of a Cenovus common share.

In conjunction with the announcement of the amended terms of the agreement, Strathcona Resources ( STHRF ) -- which has rivalled Cenovus for MEG -- has entered into a voting support agreement with Cenovus under which Strathcona has agreed to vote its common shares of MEG in favour of the MEG transaction. Strathcona's obligations under the voting support agreement will terminate under certain circumstances, including upon completion of or termination of the MEG transaction, or upon termination of an asset sale deal.

On that, Strathcona today also announced the purchase of the Vawn thermal project and certain undeveloped thermal lands at Lindbergh, Plover Lake and Glenbogie from Cenovus, for initial consideration paid on closing of $75.0 million and additional contingent consideration of up to $75.0 million, depending on future commodity prices, to be paid in accordance with the asset purchase agreement.