Cenovus CEO Says He’s ‘Closing the Door’ on Higher MEG Offer (2)

Cenovus Energy Inc.’s top executive said the company doesn’t plan to increase its takeover offer for oil sands producer MEG Energy Corp., despite a higher rival bid from Strathcona Resources Ltd.

“We’re paying at the highest end of the range. And you know, we are in a world where we think we’ve got the only viable bid going forward,” Chief Executive Officer Jon McKenzie said in an interview. “We are closing the door” on making a higher bid, he said.

Cenovus announced a cash-and-stock offer last month that values MEG at just over C$28 a share. But MEG’s ...