MEG Energy: Cenovus Comes In With $7.9 BILLION Offer

It’s been a while folks, but it seems that we finally have another bidding war on our hands in the Canadian market. The last time this happened, we saw UEX Corp shareholders win big – Uranium Energy Corp initially bid $0.43 a share for the company, before Denison came in with a higher but undisclosed offer.

UEC then upped their offer to $0.497 a share, while Denison increased their offer to $0.51 a share. Before shareholders ultimately elected to go with UEC, receiving 0.09 shares of UEC for each share of UEX they held, which at the time of closing was worth $0.41 a share because UEC’s stock crashed.

Okay, so maybe not the best example here. Probably should have went with the Millennial Lithium example from 2021 instead.

Anyways.

Those transactions are peanuts in comparison to what we’re talking about today. MEG Energy (TSX: MEG) has entered into an arrangement to be acquired by Cenovus Energy (TSX: CVE), just as Strathcona Resources (TSX: SCR) is in the middle of a hostile takeover attempt at a valuation billions of dollars lower.

Lets dive in.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Why This Gold Run Could Be Bigger | Roger Rosmus – Goliath Resources

Majors Don’t Want to Be Left Out of This Gold Run | Mike Bennett – Altamira Gold Corp

Gold Isn’t Slowing Down Anytime Soon!? | Terry Lynch – Power Metallic

Recommended

Sage Potash Outlines US$502 Million NPV For Flagship Sage Plains Project

Ontario MPP Removed From Caucus After Assault Charges

Related News

Strathcona Pushes Hostile $5.9B Bid As MEG Energy Board Urges To Take No Action

Strathcona Resources (TSX: SCR) is in pursuit of MEG Energy (TSX: MEG), offering $23.27 per...

Friday, May 16, 2025, 09:22:02 AM

Strathcona Resources Increases Offer For MEG Energy To $30.86 A Share, Topping Cenovus

Strathcona Resources (TSX: SCR) has revised their offer to acquire MEG Energy (TSX: MEG), announcing...

Monday, September 8, 2025, 09:53:49 AM

MEG Energy Chips Off 2,000 BBLs/D From 2022 Production Guidance Due To “Electrical Event”

MEG Energy (TSX: MEG) announced late Wednesday that it is lowering its 2022 average production guidance....

Thursday, June 30, 2022, 12:04:00 PM

BMO Drops Cenovus Energy Price Target To $6.00 From $7.50

This morning BMO lowered its 12-month price target on Cenovus Energy (TSX: CVE) to C$6.00...

Friday, October 30, 2020, 11:22:00 AM

MEG Energy Tells Shareholders To Ignore Strathcona Resources Revised Offer

MEG Energy (TSX: MEG) is sticking to their original plan for acquisition, with the company’s...

Monday, September 15, 2025, 09:20:29 AM