MEG Shareholders Approve Cenovus Takeover After Long Bidding War

MEG Energy Corp. shareholders agreed to be acquired by Cenovus Energy Inc. after a dramatic five-month bidding war and multiple attempts to secure enough support to get the deal approved.

More than 86% of all shareholders, and 83% excluding Strathcona Resources Ltd.’s votes, backed the deal.

The vote marks the conclusion of a takeover battle for MEG that kicked off in May when rival suitor Strathcona, controlled by former investment banker Adam Waterous, made an unsolicited bid for the company. Cenovus’s own offer in August won the boards’ support but disappointed some shareholders. Waterous, seeking to ...