MEG Energy (MEGEF) News Today

MEG Energy Corp. (MEGEF) shares have risen after Cenovus Energy announced a definitive C$7.9 billion cash-and-stock offer to acquire the oil sands producer, a deal that would create a leading oilsands entity but has drawn criticism from a competing bidder.

• Positive Sentiment: The C$7.9 billion cash-and-stock bid from Cenovus implies a significant premium for MEG shareholders, boosting investor confidence. Cenovus to acquire MEG Energy
• Positive Sentiment: The merger would establish a scaled oil sands giant with improved operational synergies and expanded production capacity. MEG Energy To Be Acquired By Cenovus
• Neutral Sentiment: The offer comprises a mix of cash and Cenovus shares, subject to MEG shareholder and regulatory approvals, with closing expected mid-2026. Cenovus Energy to acquire MEG Energy
• Neutral Sentiment: A portion of the transaction will be settled in newly issued Cenovus shares, which may dilute existing CVE shareholders upon closing. Cenovus unveils $7.9-billion bid
• Negative Sentiment: Strathcona Energy, a rival bidder, slammed MEG’s board as “weak” and accused it of favoring Cenovus’s offer, raising the prospect of a proxy battle or legal challenges. Cenovus signs $7.9B deal, Strathcona blasts board