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.
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