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MEG Energy adjourns shareholder vote on Cenovus offer citing regulatory inquiry
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MEG Energy adjourns shareholder vote on Cenovus offer citing regulatory inquiry
Oct 30, 2025 6:53 PM

*

MEG vote rescheduled to November 6

*

Cenovus and former rival Strathcona announced voting

support

deal Monday

*

Meeting delay will allow for disclosures around Cenovus

sale of

assets to Strathcona

(Adds regulator comment in paragraph 9, background)

By Amanda Stephenson

Oct 30 (Reuters) - The board of Canadian oil sands

company MEG Energy ( MEGEF ) adjourned its expected shareholder

vote Thursday on a buyout by Cenovus Energy ( CVE ), saying a

regulatory inquiry has prompted the need to disclose additional

information.

The vote on the sale, which would have ended a months-long

bidding saga for what is Canada's last pure-play oil sands

producer, will take place on November 6 instead, MEG's board

chair James McFarland said.

The adjournment is being made with Cenovus' consent, he

said, and will give MEG the opportunity to make disclosures

around an asset transaction announced Monday between Cenovus and

one-time rival bidder Strathcona Resources ( STHRF ).

Cenovus said Monday it had entered into a voting support

agreement with Calgary-based Strathcona, which owns 14.2% of MEG

and had previously indicated it would vote against Cenovus'

offer.

In exchange, it said Strathcona would purchase from Cenovus its

Vawn thermal oil project in Saskatchewan as well as certain

undeveloped lands in Saskatchewan and Alberta for C$75 million

($53.5 million) in cash at closing, and additional contingent

payments of up to C$75 million.

Cenovus and Strathcona, which kicked off the battle for MEG in

May by launching a hostile bid for the oil sands producer, had

been locked for months in a bidding war. But Strathcona

abandoned its pursuit after Cenovus raised its offer

price earlier this month.

Analysts had said the deal between the two former rivals would

push Cenovus' support for its offer to well above the

approximately 66% of MEG shareholders it needed for its bid.

But last week three MEG shareholders told Reuters they had filed

complaints with Alberta's securities regulator over what they

view as the board's attempt to tilt the sales process in

Cenovus's favour.

A spokesperson for the Alberta Securities Commission

declined to comment.

($1 = 1.4024 Canadian dollars)

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