02:13 PM EDT, 09/10/2025 (MT Newswires) -- Cenovus Energy ( CVE ) won't raise its bid to acquire MEG Energy for cash and stock, despite a higher all-stock offer from Strathcona Resources, Bloomberg News reported Wednesday, citing Cenovus Chief Executive Jon McKenzie.

"We are in a world where we think we've got the only viable bid going forward," McKenzie said in an interview, according to the report.

In an email, Adam Waterous, Strathcona's controlling shareholder, said, "It is the oldest trick in the M&A book to try to talk down the share price of a competing bidder," according to the report.

Cenovus shares rose 4.1% in Wednesday trading.

Cenovus, MEG and Strathcona didn't immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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