Latest news with #Strathcona
Winnipeg Free Press
13 hours ago
- Business
- Winnipeg Free Press
Strathcona defends unsolicited takeover offer for oilsands peer MEG Energy
CALGARY – Strathcona Resources Ltd. says MEG Energy Corp. has made errors and misleading statements in its justifications for rejecting its unsolicited takeover bid. Last month, Strathcona made a cash-and-stock offer to buy all of the MEG shares it does not already own, and MEG shares have consistently been trading higher than the implied offer price. Earlier this week, MEG urged shareholders to reject the bid, in part because it says combining with Strathcona would expose shareholders to inferior assets and capital market risk. Strathcona has published a new presentation taking aim at the 'Fact vs. Fiction' in MEG's director's circular outlining its rationale for opposing the offer. In the presentation, Strathcona says its oilsands assets are comparable to or sometimes better than MEG's. It adds that Waterous Energy Fund, led by Strathcona executive chairman Adam Waterous, has no intention of selling its stake in Strathcona post-takeover, which MEG contends is a risk. Monday Mornings The latest local business news and a lookahead to the coming week. This report by The Canadian Press was first published June 20, 2025. Companies in this story: (TSX: MEG) (TSX: SCR)
Yahoo
13 hours ago
- Business
- Yahoo
Strathcona defends unsolicited takeover offer for oilsands peer MEG Energy
CALGARY — Strathcona Resources Ltd. says MEG Energy Corp. has made errors and misleading statements in its justifications for rejecting its unsolicited takeover bid. Last month, Strathcona made a cash-and-stock offer to buy all of the MEG shares it does not already own, and MEG shares have consistently been trading higher than the implied offer price. Earlier this week, MEG urged shareholders to reject the bid, in part because it says combining with Strathcona would expose shareholders to inferior assets and capital market risk. Strathcona has published a new presentation taking aim at the "Fact vs. Fiction" in MEG's director's circular outlining its rationale for opposing the offer. In the presentation, Strathcona says its oilsands assets are comparable to or sometimes better than MEG's. It adds that Waterous Energy Fund, led by Strathcona executive chairman Adam Waterous, has no intention of selling its stake in Strathcona post-takeover, which MEG contends is a risk. This report by The Canadian Press was first published June 20, 2025. Companies in this story: (TSX: MEG) (TSX: SCR) Lauren Krugel, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
15 hours ago
- Business
- Bloomberg
Waterous' Strathcona Stands By Its Offer for MEG After Rebuttal
Canadian oil tycoon Adam Waterous' Strathcona Resources Ltd. stood by its offer for MEG Energy Corp. after having the $4.1-billion hostile takeover bid rejected by MEG's board. 'Strathcona firmly believes its offer provides a true win-win for MEG and Strathcona shareholders, uniting two heavy oil 'pure plays' into a new Canadian oil champion,' the company said in a statement, adding that it also welcomed a move by MEG's board to sound out alternative suitors.
Reuters
a day ago
- Business
- Reuters
Strathcona supports MEG's strategic alternative process after rejected C$6 billion bid
June 20 (Reuters) - Canadian oil and gas producer Strathcona ( opens new tab said on Friday it supports MEG Energy's ( opens new tab decision to initiate a strategic alternatives process and explore potential deals after MEG urged shareholders to reject Strathcona's C$6 billion ($4.38 billion) hostile takeover bid. On Monday, MEG Energy advised shareholders to reject the offer, describing it as inadequate and not in their best interests. The board also launched a strategic review to consider alternatives that could deliver greater value than MEG's current plan to remain a standalone company. Strathcona, which is backed by Calgary-based private equity firm Waterous Energy Fund, said it remains willing to participate in the alternatives process and looks forward to constructive engagement with MEG's board Strathcona said it believes it is the only peer company which would provide meaningful overhead synergies if a deal is reached. Since 2020, Strathcona, has become one of the fastest-growing oil companies in North America through a series of acquisitions. The all-cash-and-stock offer announced by Strathcona in May, would combine two of Canada's largest pure-play thermal oil sands operators and make Strathcona the country's fifth-largest oil producer. ($1 = 1.3691 Canadian dollars)
Yahoo
a day ago
- Business
- Yahoo
Strathcona supports MEG's strategic alternative process after rejected C$6 billion bid
(Reuters) -Canadian oil and gas producer Strathcona said on Friday it supports MEG Energy's decision to initiate a strategic alternatives process and explore potential deals after MEG urged shareholders to reject Strathcona's C$6 billion ($4.38 billion) hostile takeover bid. On Monday, MEG Energy advised shareholders to reject the offer, describing it as inadequate and not in their best interests. The board also launched a strategic review to consider alternatives that could deliver greater value than MEG's current plan to remain a standalone company. Strathcona, which is backed by Calgary-based private equity firm Waterous Energy Fund, said it remains willing to participate in the alternatives process and looks forward to constructive engagement with MEG's board Strathcona said it believes it is the only peer company which would provide meaningful overhead synergies if a deal is reached. Since 2020, Strathcona, has become one of the fastest-growing oil companies in North America through a series of acquisitions. The all-cash-and-stock offer announced by Strathcona in May, would combine two of Canada's largest pure-play thermal oil sands operators and make Strathcona the country's fifth-largest oil producer. ($1 = 1.3691 Canadian dollars)
