Canadian oil and gas producer Cenovus Energy said on Tuesday it has acquired about 21.7 million common shares of MEG Energy prior to a vote on the merger between the two companies.
Cenovus now owns or controls about 8.5% of MEG’s 254.4 million outstanding shares, acquired since October 8.
The two companies have also revised a standstill agreement to allow Cenovus to acquire up to 9.9% of MEG shares ahead of the merger vote.
Earlier this month, Cenovus raised its bid for MEG to C$8.6 billion ($6.11 billion), including debt.
MEG’s shareholder meeting has been postponed to October 22 from October 9 to allow investors more time to review the amended proposal.
(Reporting by Pooja Menon in Bengaluru; Editing by Shinjini Ganguli)