MEG Energy shareholders vote in favor of Cenovus' takeover bid
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FILE PHOTO: Pipelines carrying steam to wellheads and heavy oil back to the processing plant line the roads and boreal forest at the Cenovus Energy Christina Lake Steam-Assisted Gravity Drainage (SAGD) project 120 km (74 miles) south of Fort McMurray, Alb
(Reuters) -Canadian oil sands producer MEG Energy shareholders on Thursday voted in favor of a buyout by Cenovus Energy, ending a months-long takeover battle.
Cenovus and Strathcona had been locked in a bidding war for MEG, one of Canada's last pure-play oil sands producers. However, Strathcona backed Cenovus after it amended its bid and raised the offer price to about C$30 per share.
On October 30, MEG Energy further postponed the shareholder vote on Cenovus's buyout offer to November 6, citing a regulatory inquiry that required additional disclosures. The vote was initially delayed from October 22 to October 30 after Cenovus exercised its right to defer.
The regulatory inquiry was related to a complaint raised by a former employee of MEG who holds approximately 4,000 shares, Cenovus CEO Jon McKenzie said on a conference call last week.
According to the results, 86% of shareholders voted in favor of the transaction.
(Reporting by Pranav Mathur, Sumit Saha and Tanay Dhumal in Bengaluru; Editing by Leroy Leo and Vijay Kishore)
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