CALGARY – MEG Energy Corp. says its board of directors is urging shareholders to reject an unsolicited takeover offer by Strathcona Resources Ltd., calling it opportunistic and not in the best interests of the company or its investors.
MEG chairman James McFarland says the offer is “inadequate by all reasonable measures.”
The company says it has a plan that the board believes will generate significant free cash flow and shareholder value, underpinned by its assets with decades of growth potential.
It says the board has also authorized a special committee to launch a strategic review with the potential to find an offer superior to its stand-alone plan.
MEG operates the Christina Lake oilsands project.
Last month, Strathcona made an offer buy all of the MEG shares it does not already own for a combination of 0.62 of a Strathcona share and $4.10 in cash per MEG share.
This report by The Canadian Press was first published June 16, 2025.
Companies in this story: (TSX:MEG, TSX:SCR)
