12:42 PM EDT, 10/16/2025 (MT Newswires) -- (Updates with response from the Alberta Securities Commission in the fourth paragraph.)

Cenovus Energy's ( CVE ) sweetened takeover offer for MEG Energy ( MEGEF ) is facing opposition from three MEG shareholders who claim the board failed to prioritize investor interests, Bloomberg reported Wednesday, citing a letter from Smead Capital Management, one of the investors.

The investors, who said they filed complaints with the Alberta Securities Commission, alleged that MEG's board was more focused on blocking Cenovus' rival bidder, Strathcona Resources, than on securing the highest price, the report said.

Smead has a 0.5% stake in MEG, and Charles Frischer and Asheef Lanai are the other investors who filed complaints, the report said.

The Alberta Securities Commission declined to comment when contacted by MT Newswires, while Cenovus, MEG, Smead and Strathcona didn't immediately respond to requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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