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Special meeting of MEG shareholders to vote on Cenovus transaction postponed to Thursday, October 30, 2025
CALGARY, Alberta, Oct. 21, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) to...
About this update from Cenovus Energy Inc.
[{"type":"text","content":"Special meeting of MEG shareholders to vote on Cenovus transaction postponed to Thursday, October 30, 2025\n\n\n\n CALGARY, Alberta, Oct. 21, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced that the special meeting of holders of common shares of MEG Energy Corp. (“MEG”) related to Cenovus’s proposed acquisition of MEG has been postponed, pursuant to Cenovus exercising its contractual postponement right, from October 22, 2025, to October 30, 2025. The deadline for submitting proxies has been extended to October 29, 2025, at 9:00 a.m. (Calgary Time).\n \n\n At the time of the postponement, approximately 63% of the MEG common shares represented by proxy or expected to be voted in person at the meeting are FOR the approval of the transaction, or over 75% excluding Strathcona Resources Ltd., which is assumed to have voted against. The transaction is conditional upon, among other things, the approval by MEG shareholders holding at least 66⅔% of the MEG shares represented in person or by proxy at the meeting.\n \n\n Cenovus would like to reiterate that the transaction terms represent Cenovus's best and final offer, and is the only corporate transaction currently available to MEG shareholders. Under the terms of the transaction, each MEG shareholder will have the option to elect to receive, for each MEG common share, (i) $29.50 in cash; or (ii) 1.240 Cenovus common shares, subject to rounding and pro-ration based on a maximum amount of $3.8 billion in cash and a maximum of 157.7 million Cenovus common shares. The transaction terms represent a compelling 44% premium to MEG’s unaffected 20-day volume-weighted average share price as of May 15, 2025, and offer MEG shareholders the flexibility to elect cash or Cenovus shares with the opportunity to participate in the value upside and synergy potential of the combined companies.\n \n\n Cenovus encourages all MEG shareholders to vote\n \n FOR\n \n the transaction prior to the revised proxy deadline of October 29, 2025, at 9:00 a.m. (Calgary Time). MEG shareholders are also encouraged to refer to MEG’s news release issued today for further information on voting, submitting consideration elections and deadlines with respect to the new meeting date.\n \n\n\n Advisory\n \n\n\n\n Forward‐looking Information\n \n\n ...