Cenovus Energy raises offer for MEG Energy amid takeover battle

Cenovus Energy has stepped up its bid for MEG Energy by raising its offer to C$8.6bn, including debt. This move comes amid a competitive takeover battle with Strathcona Resources for the Canadian oil producer. The revised bid values MEG at approximately C$29.80 per share, which Cenovus stated is its "best and final" offer. In comparison, Strathcona Resources' revised offer last month valued MEG at C$30.86 per share. Despite Strathcona owning 14% of MEG, Cenovus’ board has urged shareholders to reject S ...