07:19 AM EDT, 09/15/2025 (MT Newswires) -- MEG Energy Corp. ( MEGEF ) announced Monday that its board has reaffirmed its unanimous recommendation to its shareholders to vote for the Cenovus transaction and recommends that MEG Shareholders reject the revised unsolicited Strathcona Resources Ltd. ( STHRF ) offer.

Among highlights, MEG said the revised Strathcona offer exposes its shareholders to "inferior assets, an unproven track record, an overvalued Strathcona share price, significant overhang risk, and governance risk."

It also said the special distribution described in the revised Strathcona offer "results in a weaker balance sheet and increased financial risk for the combined company compared to the initial Strathcona offer."

MEG added the Cenovus transaction "accelerates value realization from MEG's standalone plan, provides shareholders with substantial cash and highly liquid share consideration with lower risk and upside participation in long-term value creation potential."