Important Update for Cenovus Energy and MEG Energy Shareholders
On a recent announcement, Cenovus Energy Inc. (TSX: CVE) has provided crucial information regarding its acquisition attempt of MEG Energy Corp. The special shareholder meeting relating to this acquisition is now rescheduled to October 30, 2025. This decision comes as Cenovus decided to exercise its right to postpone the meeting that was originally slated for October 22, 2025.
Rescheduled Meeting Details
The new deadline for shareholders to submit their proxies is now set for October 29, 2025, at 9:00 a.m., adhering to Calgary time. This extension allows MEG Energy shareholders more time to consider the important decision ahead of them.
Current Voting Landscape
As the situation now stands, about 63% of the common shares of MEG Energy represented by proxy or those expected to be voted in-person have expressed support for the acquisition. Notably, this figure adjusts to over 75% when excluding Strathcona Resources Ltd., which is presumed to vote against the deal. The success of this acquisition depends on garnering at least 66?% approval from MEG shareholders represented in person or by proxy at the meeting.
Details of the Acquisition Proposal
The terms presented to MEG Energy shareholders offer a compelling choice. Shareholders will have the option to receive either $29.50 in cash for each MEG common share or 1.240 shares of Cenovus common stock. This offer is subject to max limits, including a total of $3.8 billion in cash and up to 157.7 million Cenovus shares. Importantly, this acquisition proposal represents a substantial 44% premium over MEG's 20-day volume-weighted average share price before May 15, 2025.
Encouragement to Vote
Cenovus Energy strongly encourages all MEG shareholders to vote in favor of the transaction before the revised proxy deadline. Shareholders are advised to review MEG's latest news release, provided on the day of the announcement, for further insight into voting, consideration elections, and other deadlines related to the rescheduled meeting date.
Company Advisory
Cenovus maintains clarity on the nature of this acquisition process. While shareholders are encouraged to act, the company emphasizes the unique nature of this transaction as the only corporate option currently available to MEG shareholders. This acquisition has significant implications for both companies and their stakeholders.
About Cenovus Energy Inc.
Cenovus Energy Inc. stands as a leader in the energy sector, focused on oil and natural gas production predominantly in Canada and the Asia Pacific region. Its operations encompass upgrading, refining, and marketing activities across Canada and the United States. The company's commitment centers on developing its resources in a responsible, safe, and efficient manner while integrating social and governance principles throughout its business strategy.
Contact Information
If you have questions regarding this acquisition or need more information, please reach Cenovus Energy through their investor relations line at 403-766-7711 or the media relations line at 403-766-7751.
Frequently Asked Questions
What is the new date for the MEG Energy shareholder meeting?
The special shareholder meeting of MEG Energy has been rescheduled to October 30, 2025.
How long do shareholders have to submit proxies?
Shareholders now have until October 29, 2025, at 9:00 a.m. Calgary Time to submit their proxies.
What percentage of shares need to vote in favor for approval?
MEG shareholders must provide at least 66?% approval for the transaction to proceed.
What options do MEG shareholders have in the acquisition?
Shareholders can choose to receive either $29.50 in cash or 1.240 shares of Cenovus common stock for each MEG common share.
Where can I find more information about voting?
Further information about voting is available in MEG's recent news release and on the company's official communications.
