CALGARY, Nov 6 (Reuters) - A vote scheduled for Thursday
by shareholders of MEG Energy ( MEGEF ) could bring the drawn-out
battle to acquire the Canadian oil sands producer to an end.
The following is a timeline of events this year.
May 15 - Canadian oil and gas producer Strathcona Resources ( STHRF )
says it will initiate a hostile takeover bid for MEG in
a deal that values the company at C$5.93 billion ($4.25
billion).
June 16 - MEG's board urges the company's shareholders to reject
Strathcona's bid, calling it inadequate. The board says it will
launch a strategic review to explore alternatives.
August 22 - MEG says it has agreed to be acquired by larger
oil sands peer Cenovus Energy ( CVE ) in a C$7.9 billion
cash-and-stock deal.
August 28 - Strathcona says it intends to buy more MEG
shares, bringing its total ownership in the company to 14.2%.
Strathcona says it will use its shares to vote against the
Cenovus-MEG deal.
September 8 - Strathcona sweetens its offer to C$30.86 per
share, topping the C$27.79 valuation of the Cenovus deal.
September 15 - MEG's board tells shareholders to reject
Strathcona's new bid and back the Cenovus arrangement.
September 19 - After some MEG shareholders say the deal
undervalues the company, Cenovus CEO Jon McKenzie says the offer
is "fair and final."
October 8 - Cenovus hikes its bid by C$2.35 to about C$29.80
per share at the time of offer. The shareholder vote planned for
October 9 is postponed.
October 10 - Strathcona says it is terminating its bid for MEG.
It accuses MEG's board of engaging in "anti-competitive actions"
by allowing Cenovus to buy more shares in the company to vote
for its own deal.
October 21 - MEG's board postpones the shareholder vote
again. Three MEG shareholders say they have filed regulatory
complaints over what they view as the board's attempt to tilt
the sales process in Cenovus' favor.
October 27 - Cenovus says it has struck a deal with
Strathcona that will see the smaller company vote its shares in
favor of the deal. In exchange, Strathcona will purchase from
Cenovus certain heavy oil assets and land in Alberta and
Saskatchewan.
October 30 - MEG's board chair postpones the shareholder meeting
until November 6 to allow for additional regulatory disclosures.
October 31 - Cenovus' CEO says the regulatory inquiry is
related to a complaint raised by a former MEG employee who holds
approximately 4,000 shares, and is not expected to affect the
transaction.