By Adriano Marchese
Strathcona Resources has formally begun its offer to acquire MEG Energy shares, the energy company said Friday
On May 15, Strathcona, which already owns 9.2% of MEG Energy, unveiled a cash-and-stock bid to acquire the oil sands producer. The offer is for 4.10 Canadian dollars ($2.97) in cash and 0.62 of its share per MEG Energy share.
The proposed deal valued MEG at about C$23.27 a share, or a 9.3% premium based on the closing prices before the deal was announced.
At the same time, Strathcona said it has completed an equity commitment letter with Waterous Energy Fund, the holder of 79.6% of Strathcona's stock, through partnerships made up of Waterous Energy Fund III, where WEF III has committed to purchase an additional 21.4 million Strathcona Shares through subscription receipts.
The investment will be completed at a subscription price of C$30.92 per subscription receipt, Strathcona said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
May 30, 2025 07:00 ET (11:00 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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