11:43 AM EDT, 09/19/2025 (MT Newswires) -- Cenovus Energy ( CVE ) late Thursday released a presentation outlining advantages of its transaction with MEG Energy ( MEGEF ) .

Cenovus said the transaction was unanimously approved and reaffirmed by MEG's board of directors, adding that it delivers "full and fair value" to MEG shareholders.

Meanwhile, Cenovus said Strathcona Resources' ( STHRF ) offer is "inferior, high risk and not in the best interests" of MEG shareholders.

Cenovus said its deal offers an attractive price at a premium valuation with certainty of consideration value in the form of cash and Cenovus shares. The company also highlighted its scale, experience and tier-1 assets.

The deal with Cenovus has clearly defined synergies that offer an opportunity to participate in the value upside of the integrated Christina Lake region, the company said.

MEG shareholders are given the option to receive share consideration, or cash and share consideration, subject to maximums. Meanwhile, Strathcona's shares are the only consideration offered in its revised bid for MEG.

Cenovus noted that Strathcona's proposal would result in Waterous Energy Fund and other Strathcona insiders controlling the combined company, with interests that may not align with MEG shareholders.

This comes after Strathcona earlier this week responded to the recommendation by MEG's board to vote for the deal between MEG and Cenovus and to reject Strathcona's amended takeover bid announced Sept. 8.

MEG late Monday reaffirmed its recommendation to its shareholders, saying the revised Strathcona offer remains "fundamentally unattractive" for MEG shareholders as it fails to address or compensate for risks embedded in Strathcona shares.

Strathcona expressed disappointment in the MEG board's decision and encouraged MEG and Strathcona shareholders to review a newly posted presentation on Strathcona's website.

The expiration time for the amended Strathcona offer is 5 p.m. Mountain time Oct. 20. The special meeting of MEG shareholders to vote on the Cenovus deal is scheduled Oct. 9.

Strathcona intends to vote its approximately 14.2% interest in MEG against the Cenovus deal, which requires approval by roughly 66.67% of the votes cast at the special meeting. Strathcona recommended that MEG shareholders vote against the Cenovus deal.

Cenovus' share price at last look lost 3.7% to $23.17 on the TSX in early Friday trading.

Price: 35.52, Change: -1.13, Percent Change: -3.08