Tillkännagivande • Nov 14

Cenovus Energy Inc. (TSX:CVE) completed the acquisition of MEG Energy Corp. (TSX:MEG) from Strathcona Resources Ltd. (TSX:SCR) and others.

Cenovus Energy Inc. (TSX:CVE) entered into an arrangement agreement to acquire MEG Energy Corp. (TSX:MEG) from Strathcona Resources Ltd. (TSX:SCR) and others for CAD 7.7 billion on August 21, 2025. A cash consideration will be paid by Cenovus Energy Inc. Under the terms of the Transaction, each holder of MEG Shares (a “MEG Shareholder”) will have the option to elect to receive for each MEG Share (i) CAD 27.25 in cash; or (ii) 1.325 Cenovus common shares (each whole share, a “Cenovus Share”), subject to pro-ration based on a maximum amount of cash and Cenovus Shares set out in the Arrangement Agreement. On a fully pro-rated basis, consideration per MEG Share represents approximately CAD 20.44 in cash and 0.33125 of a Cenovus Share. As on September 8, 2025, Cenovus will acquire all issued and outstanding MEG shares, that values MEG at CAD 27.76 per share or CAD 8 billion, inclusive of assumption of MEG's debt. The value of consideration payable under the Arrangement Agreement represents a mix of 75% cash and 25% Cenovus Shares. The transaction will be financed through term loan of CAD 2.7 billion and bridge facility of CAD 2.5 billion. As of October 08, 2025, Cenovus Energy amended the agreement, under the terms of the Amended Agreement, each MEG shareholder will have the option to elect to receive, for each MEG common share, (i) CAD 29.50 in cash; or (ii) 1.240 Cenovus common shares, subject to rounding and pro-ration based on a maximum amount of CAD 3.8 billion in cash and a maximum of 157.7 million Cenovus common shares increasing the Aggregate Consideration to CAD 7.6 billion. The pro-rated consideration represents a mix of 50% cash and 50% Cenovus common shares. As of October 26, 2025, MEG Energy Corp. entered into a second amending agreement (the "Second Amending Agreement") with Cenovus Energy Inc. The Second Amending Agreement increases the consideration payable to holders ("MEG Shareholders") of common shares of MEG ("MEG Shares") to CAD 30.00 per MEG Share (the "Improved Transaction Consideration") based on Cenovus's closing share price on October 24, 2025. The Improved Transaction Consideration represents a 47% premium to MEG's unaffected 20-day volume-weighted share price as of May 15, 2025, the last trading day preceding the first public announcement by Strathcona Resources Ltd. ("Strathcona") that it intended to acquire MEG, and an increase of CAD 0.43 per MEG Share from the market value as of October 24, 2025, of the consideration (the "Prior Transaction Consideration") offered by Cenovus under the First Amending Agreement. Under the revised transaction with Cenovus, pursuant to the terms of the Second Amending Agreement (the "Improved Cenovus Transaction"), each MEG Shareholder will have the option to elect to receive: CAD 30.00 in cash per MEG Share ("Cash Consideration"); 1.255 Cenovus common shares (each whole share, a "Cenovus Share") per MEG Share ("Share Consideration"); or a combination thereof, in all cases, subject to rounding and proration based on maximum aggregate Cash Consideration of approximately CAD 3.8 billion and maximum aggregate Share Consideration of approximately 159.6 million Cenovus Shares, as set out in the Arrangement Agreement, as amended by the First Amending Agreement and the Second Amending Agreement. The value of the Improved Transaction Consideration represents a mix of 50% cash and 50% Cenovus Shares. On a fully prorated basis, consideration per MEG Share represents approximately CAD 15.00 in cash and 0.6275 of a Cenovus Share. The consideration to be received by MEG Shareholders values MEG at CAD 30.00 per MEG Share on a fully prorated basis based on Cenovus's closing share price on October 24, 2025, representing an enterprise value of approximately CAD 8.6 billion, including assumed debt. The Special Committee, with the support of its financial and legal advisors, conducted a comprehensive review of all available alternatives to maximize value. Holders of Cenovus Shares and MEG Shareholders are expected to own approximately 95.5% and 4.5% of Cenovus, respectively, following the completion of the Arrangement. In case of termination CAD 242 million is payable by MEG Energy to Cenovus Energy and Cenovus Energy to MEG Energy. The MEG Board, informed in part by the recommendation of the Special Committee, and after considering advice from its external financial and legal advisors, has unanimously: (i) determined that the Arrangement is in the best interests of MEG; (ii) determined that the Arrangement is fair to the MEG Shareholders; (iii) approved the Arrangement Agreement and the transactions contemplated thereby; and (iv) resolved to recommend that the MEG Shareholders vote in favour of the Transaction at the Meeting. The Transaction requires approval by at least 662/3% of the votes cast at the Meeting by MEG Shareholders represented in person or by proxy. The Transaction is subject to a number of other conditions including certain required regulatory and government approvals, Anti trust approval, approval of the Court of King's Bench of Alberta, listing approval and Closing of the Arrangement is expected to occur early in the fourth quarter of 2025. As per the filing announced on September 19, 2025, the transaction is expected to close on November 13, 2025. MEG Energy Corp.’s board turned down Strathcona Resources Ltd.’s sweetened offer to buy the oil sands producer, recommending that shareholders stick with a rival proposal from Cenovus Energy Inc. As on October 21, 2025, Cenovus’s proposed acquisition of MEG has been postponed from October 22, 2025, to October 30, 2025. MEG understands that, concurrently with the execution of the Second Amending Agreement, Cenovus has entered into an agreement with Strathcona (the "SCR Support Agreement") pursuant to which Strathcona, holding 36.1 million MEG Shares representing 14.2% of the outstanding MEG Shares, has agreed to vote, subject to the terms of the SCR Support Agreement, all of such MEG Shares FOR the Improved Cenovus Transaction. As of October 27, 2025, The MEG board unanimously recommends MEG shareholders vote FOR the improved Cenovus transaction. As of November 6, 2025, MEG Energy Corp. shareholders approved the transaction. BMO Nesbitt Burns Inc, Grant Zawalsky and Bronwyn Inkster of Burnet, Duckworth & Palmer LLP are acting as financial advisor and Fairness Opinion and legal counsel, respectively, to the MEG Energy. RBC Dominion Securities Inc and Evelyn Li, Dion J. Legge, Katherine Prusinkiewicz and Justin E. Ferrara of Norton Rose Fulbright Canada LLP are acting as financial advisor, Fairness Opinion and legal counsel, respectively, to the Special Committee. Yuni Yan Sobel, Stephen C. Centa, Christopher J.Cummings and Adam M. Givertz of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Cenovus Energy Inc. (TSX:CVE). John Piasta of McCarthy Tétrault LLP acted as legal advisor to Cenovus Energy. Morrow Sodali (Canada) Ltd acted as proxy solicitor to MEG Energy and will receive a fee of CAD 0.25 million. Computershare Trust Company of Canada acted as transfer agent to MEG Energy. David Miller, John Greer, Bryant Lee, Krisa Benskin, Jason Cruise, Peter Todaro, Matthew Piehl and Joseph Bargnesi of Latham & Watkins LLP acted as legal advisor to MEG Energy. Goldman Sachs Canada Inc. and CIBC Capital Markets are acting as financial advisors to Cenovus. Computershare Investor Services Inc. acted as depository for MEG in the transaction. Cenovus Energy Inc. (TSX:CVE) completed the acquisition of MEG Energy Corp. (TSX:MEG) from Strathcona Resources Ltd. (TSX:SCR) and others on November 13, 2025. The MEG common shares are expected to be delisted by the Toronto Stock Exchange at the close of market on November 14, 2025.

Snöflinga Score
Värdering	5/6
Framtida tillväxt	0/6
Tidigare resultat	4/6
Finansiell hälsa	5/6
Utdelningar	2/6

Historiska aktiekurser
Aktuell aktiekurs	CA$21.95
52 veckors högsta	CA$22.14
52 veckors lägsta	CA$12.00
Beta	1.02
1 månads förändring	3.44%
3 månaders förändring	12.85%
1 års förändring	17.38%
3 års förändring	52.84%
5 års förändring	767.59%
Förändring sedan börsintroduktionen	-46.77%

	MEGE.F	US Oil and Gas	US Marknad
7D	4.0%	1.0%	-2.5%
1Y	17.4%	20.2%	19.0%

MEGE.F volatility
MEGE.F Average Weekly Movement	3.1%
Oil and Gas Industry Average Movement	6.0%
Market Average Movement	7.2%
10% most volatile stocks in US Market	16.8%
10% least volatile stocks in US Market	3.1%

MEGE.F grundläggande statistik
Börsvärde	US$4.72b
Vinst(TTM)	US$387.07m
Intäkter(TTM)	US$3.03b

MEGE.F resultaträkning (TTM)
Intäkter	CA$4.25b
Kostnad för intäkter	CA$1.90b
Bruttovinst	CA$2.35b
Övriga kostnader	CA$1.80b
Intäkter	CA$543.00m

Vinst per aktie (EPS)	2.53
Bruttomarginal	55.26%
Nettovinstmarginal	12.79%
Skuld/egenkapitalförhållande	17.4%

Uppgifter	Senast uppdaterad (UTC-tid)
Analys av företag	2025/11/13 22:23
Aktiekurs vid dagens slut	2025/11/13 00:00
Intäkter	2025/09/30
Årlig intjäning	2024/12/31

Paket	Uppgifter	Tidsram	Exempel US-källa
Företagets finansiella ställning	10 år	Resultaträkning Kassaflödesanalys Balansräkning	SEC Form 10-K SEC Form 10-Q
Analytikernas konsensusuppskattningar	+3 år	Prognos för finansiella poster Analytikernas prismål	Rapporter från analytiker Blue Matrix
Marknadspriser	30 år	Aktiekurser Utdelningar, splittar och åtgärder	ICE Marknadsdata SEC Form S-1
Ägarskap	10 år	Största aktieägare Insiderhandel	SEC Formulär 4 SEC Formulär 13D
Förvaltning	10 år	Ledningsgrupp Styrelse och verkställande direktörer	SEC Form 10-K SEC Form DEF 14A
Viktiga utvecklingstendenser	10 år	Företagsmeddelanden	SEC Formulär 8-K

Analytiker	Institution
Thomas Driscoll	Barclays
Peter Ogden	BofA Global Research
Philip Skolnick	Canaccord Genuity

This company has been acquired

MEG Energy (MEGE.F) Aktievy

Belöningar

Riskanalys

MEG Energy Corp. Konkurrenter

Magnolia Oil & Gas

Murphy Oil

California Resources

Matador Resources

Prishistorik och prestanda

Senaste nyheter och uppdateringar

Cenovus Energy Inc. (TSX:CVE) completed the acquisition of MEG Energy Corp. (TSX:MEG) from Strathcona Resources Ltd. (TSX:SCR) and others.

Strathcona Resources Ltd. (TSX:SCR) acquired a 2.40% stake in MEG Energy Corp. (TSX:MEG) for approximately $170 million.

Strathcona Resources Ltd. (TSX:SCR) completed the acquisition of 2.6% stake in MEG Energy Corp. (TSX:MEG) for CAD 190.8 million.

Cenovus Energy Inc. (TSX:CVE) entered into an arrangement agreement to acquire MEG Energy Corp. (TSX:MEG) for CAD 7 billion.

MEG Energy Corp. Announces Quarterly Cash Dividend, Payable on October 15, 2025

MEG Energy Corp. Begins Ramp-Up to Full Operations At Christina Lake Regional Project Following Wildfire Response

Recent updates

Cenovus Energy Inc. (TSX:CVE) completed the acquisition of MEG Energy Corp. (TSX:MEG) from Strathcona Resources Ltd. (TSX:SCR) and others.

Strathcona Resources Ltd. (TSX:SCR) acquired a 2.40% stake in MEG Energy Corp. (TSX:MEG) for approximately $170 million.

Strathcona Resources Ltd. (TSX:SCR) completed the acquisition of 2.6% stake in MEG Energy Corp. (TSX:MEG) for CAD 190.8 million.

Cenovus Energy Inc. (TSX:CVE) entered into an arrangement agreement to acquire MEG Energy Corp. (TSX:MEG) for CAD 7 billion.

MEG Energy Corp. Announces Quarterly Cash Dividend, Payable on October 15, 2025

MEG Energy Corp. Begins Ramp-Up to Full Operations At Christina Lake Regional Project Following Wildfire Response

Meg Energy Corp. Affirms Production Guidance for 2025

MEG Energy Corp. to Report Q3, 2025 Results on Nov 04, 2025

MEG Energy Corp. Provides Production Guidance for the Year 2025

MEG Energy Corp., Annual General Meeting, May 06, 2025

MEG Energy Corp. to Report Fiscal Year 2024 Results on Feb 27, 2025

MEG Energy Corp. Provides Production Guidance for the Full Year of 2025

MEG Energy Corp. Declares Quarterly Dividend, Payable on January 15, 2025

MEG Energy Corp. Declares a Quarterly Cash Dividend, Payable on October 15, 2024

MEG Energy Corp. Appoints Michael Mcallister to Its Board of Directors

MEG Energy Corp. to Report Q3, 2024 Results on Nov 04, 2024

MEG Energy Corp. Approves Election of Robert R. Rooney as Director

MEG Energy Corp. to Report Q1, 2024 Results on May 06, 2024

MEG Energy Corp. Announces CEO Changes

MEG Energy Corp., Annual General Meeting, May 07, 2024

MEG Energy Corp. to Report Fiscal Year 2023 Results on Feb 29, 2024

MEG Energy Corp. Provides Production Guidance for the Year 2024

MEG Energy Corp. Appoints James D. McFarland as Its Independent Board Chair

MEG Energy Corp. Announces the Passing of Board Chair Ian D. Bruce

MEG Energy Corp. Reaffirms Production Guidance for the Full Year of 2023; Provides Production Guidance for the Second Half 2023

MEG Energy Corp. to Report Q3, 2023 Results on Nov 06, 2023

MEG Energy Corp. to Report Q3, 2020 Results on Oct 26, 2020

MEG Energy Corp. to Report Q2, 2020 Results on Jul 27, 2020

Aktieägarnas avkastning

Prisvolatilitet

Om företaget

MEG Energy Corp. Sammanfattning av grunderna

Resultat & intäkter

Utdelningar

Företagsanalys och finansiella data Status

Datakällor

Analysmodell och snöflinga

Industri- och sektormått

Källor för analytiker