Cenovus Energy on Wednesday sweetened its offer to acquire MEG Energy, raising the value of the proposed deal to C$29.80 per share, in an attempt to match a rival bid from Strathcona Resources.
The revised terms valued MEG at about C$8.6 billion ($6.16 billion), including debt, the company said, adding that it is Cenovus’ “best and final” offer.
Last month, MEG Energy urged shareholders to reject the takeover bid from its majority stakeholder Strathcona, saying the offer “remains fundamentally unattractive,” and reaffirmed its support for sale to Cenovus.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Shreya Biswas and Shinjini Ganguli)