06:45 AM EDT, 06/20/2025 (MT Newswires) -- Strathcona Resources ( STHRF ) on Friday responded to a directors' circular filed June 16 by the board of MEG Energy ( MEGEF ) saying it supports MEG's decision to initiate a strategic alternatives process for the business.

Strathcona, MEG's second-largest shareholder, previously offered to acquire all of the issued and outstanding common shares of MEG it does not already own. Under the offer, MEG shareholders will receive 0.62 of a Strathcona common share plus $4.10 per MEG share in cash. The offer will be open for acceptance until Sept. 15.

Strathcona said it supports MEG's move to contact other potential acquirers to determine the availability of a superior transaction to Strathcona's offer. The company said it remains willing to participate in the MEG strategic alternatives process.

"Strathcona looks forward to participating in the strategic alternatives process which will also provide an opportunity for MEG's board to learn more about Strathcona, something which it has declined to do to date," said Adam Waterous, executive chairman of Strathcona.

Strathcona said a deal would unite two heavy oil "pure plays" into a new Canadian oil champion. The business would be uniquely positioned in the capital markets as the only 100% oil company in North America with an investment grade balance sheet, 50-year reserves life index, and no exposure to mines or refineries, Strathcona said.