Strathcona’s Own Playbook
This is not Strathcona’s first swing at MEG. In May, the company made an unsolicited offer valued at roughly CA$5.9 billion, proposing 0.62 Strathcona shares plus $4.10 in cash per MEG share it did not already own.
That move prompted MEG’s board to launch a strategic review in June. Ultimately, the board unanimously endorsed Cenovus’ higher bid—leaving Strathcona on the outside looking in.
High Stakes Ahead
Now, Strathcona’s decision to raise its stake represents a clear warning shot. The company revealed it has been in talks with fellow MEG shareholders to build resistance against the Cenovus deal.
A spokesperson for MEG did not immediately respond to requests for comment Friday, and the law firms advising the parties have yet to be disclosed.
What’s certain is that the oil sands drama is far from over. With billions at stake and the Oct. 9 vote looming, the duel between Strathcona and Cenovus is shaping up like a high-stakes energy chess match—where every share counts.
