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TIMELINE-Events in the battle to buy Canada's MEG Energy
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TIMELINE-Events in the battle to buy Canada's MEG Energy
Nov 6, 2025 3:31 AM

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.

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