Montrose Environmental(US:MEG) Prnewswireยท2025-09-08 08:13Core Viewpoint - Strathcona Resources Ltd. has announced an amended takeover bid for MEG Energy Corp., offering a premium to a previous deal with Cenovus Energy Inc. and highlighting the benefits for MEG shareholders in terms of future upside and financial metrics. Group 1: Amended Offer Details - Strathcona is offering to acquire all outstanding MEG Shares for 0.80 of a Strathcona Share per MEG Share, equating to $30.86 per MEG Share, which represents an 11% premium over the current value of the MEG Board Deal with Cenovus valued at $27.79 per MEG Share [1][5][15] - The expiry date for the Amended Offer is set for 5:00 p.m. (Mountain Time) on October 20, 2025 [1] Group 2: Special Distribution - Strathcona plans a special distribution of $2.142 billion to its shareholders, which will amount to approximately $5.22 per Strathcona Share if the Amended Offer is successful, and $10.00 per Strathcona Share if it is unsuccessful [2] Group 3: Financial Position Post-Transaction - Upon completion of the Amended Offer, Strathcona expects to have around 410 million shares outstanding and $3.0 billion in net debt, resulting in a net debt to EBITDA ratio of approximately 1.1x at a WTI price of US$60 [3] Group 4: Shareholder Benefits - MEG shareholders will retain 43% ownership under Strathcona's Amended Offer, compared to only 4% under the MEG Board Deal, allowing for greater participation in future upside [9][15] - Strathcona's offer is projected to provide 25%+ average per share accretion on key metrics for MEG shareholders, including funds flow and production metrics [15] Group 5: Strategic Intentions - Strathcona emphasizes its long-term commitment to the business and intends to vote against the MEG Board Deal at the upcoming special meeting of MEG shareholders [4][7][8] - The company believes that significant synergies and investment opportunities exist that can be better captured through its acquisition compared to the deal with Cenovus [9][15]