Strathcona Resources Ltd. Terminates Take-Over Bid for MEG Energy Corp., Announces Shareholder Meeting to Approve Special Distribution, and Provides Corporate Update

About this update from Strathcona Resources Ltd.

Strathcona Resources Ltd. Terminates Take-Over Bid for MEG Energy Corp., Announces Shareholder Meeting to Approve Special Distribution, and Provides Corporate Update Strathcona Resources Ltd. Terminates Take-Over Bid for MEG Energy Corp., Announces Shareholder Meeting to Approve Special Distribution, and Provides Corporate Update /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } PR Newswire CALGARY, AB , Oct. 10, 2025 /PRNewswire/ - Strathcona Resources Ltd. (" Strathcona ") today announced: (i) the termination of its take-over bid (the " Offer ") for MEG Energy Corp. (" MEG "), (ii) a meeting of shareholders to approve a special distribution of $10.00 / share, and (iii) a corporate update. Termination of MEG Offer As a result of the revised arrangement agreement between the MEG board of directors (the " MEG Board ") and Cenovus Energy Inc. (" Cenovus "), Strathcona believes the conditions to its Offer, or any reasonably improved offer, are no longer capable of being satisfied. On the back of a failed shareholder vote, the MEG Board's decision to waive Cenovus' standstill and allow it to vote shares acquired after the record date in favour of its own transaction is without precedent in the Canadian public markets and the latest in a series of anti-competitive actions taken by the MEG Board. Strathcona has concluded that the MEG Board's ability to continuously extend the Cenovus meeting date, and continuously allow Cenovus to purchase and vote additional shares, makes an improved offer for MEG impractical and not in the best interests of Strathcona shareholders. While Strathcona is disappointed with this outcome, it is pleased that its actions, along with those of its fellow MEG shareholders, delivered something which the MEG Board could not, namely a more equitable transaction with Cenovus which allows MEG shareholders to participate more meaningfully in future upside. Strathcona would like to thank its shareholders for their support throughout the MEG process, as well as the many MEG shareholders it received support from and tendered their shares. Strathcona has terminated the Offer effective immediately in accordance with the terms and condi...

View stock analysis, news, and events for Strathcona Resources Ltd.