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Strathcona Makes Takeover Offer for MEG Energy

OilPrice · Irina Slav · last updated
Strathcona has made an offer to acquire sector player MEG Energy for the equivalent of some $4.25 billion in cash and stock, per Reuters calculations. The offer represents a 9.3% premium to MEG Energy’s closing price on Thursday. “The combination of Strathcona and MEG would unify two 100+ Mbbls/d heavy oil “pure plays” with near identical netbacks and reserve life indexes, both focused on SAGD oil sands development,” Strathcona said in a news release. The company added that the takeover, if successful, would turn the…
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