Special Meeting Postponed for MEG Shareholders
CALGARY, Alberta — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has made the announcement that the special meeting of MEG Energy Corp. ("MEG") shareholders, which is essential for the vote on the proposed acquisition, has been rescheduled to October 30, 2025. Previously set for October 22, the change is due to Cenovus exercising its right to postpone, ensuring that shareholders have adequate time for consideration.
Extended Proxy Submission Deadline
The company has extended the deadline for submitting proxies to October 29, 2025, at 9:00 a.m. (Calgary Time). This extension gives MEG shareholders additional time to cast their votes on this significant transaction. At this moment, a substantial 63% of MEG's shares are represented in favor of the deal. Notably, if Strathcona Resources Ltd. is excluded, over 75% of the votes are supportive.
Transaction Details and Shareholder Benefits
The transaction hinges on garnering approval from at least 66?% of MEG shareholders present, either physically or via proxy. Cenovus emphasizes that the offer is both its best and final proposal, representing a unique opportunity for MEG shareholders. Under the outlined terms, each shareholder is presented with two options: receive either $29.50 in cash for each MEG share or 1.240 Cenovus shares. This structure is designed to cater to varying shareholder preferences while providing a compelling 44% premium based on MEG’s previous 20-day volume-weighted average share price as of mid-May.
Encouragement for Shareholder Participation
Cenovus urges all MEG shareholders to vote in favor of the acquisition before the newly established proxy deadline. They are also advised to review MEG’s latest announcement for comprehensive details regarding the voting process and other pertinent timelines associated with the rescheduled meeting.
Advisory Information
This announcement includes certain forward-looking statements regarding Cenovus’s expectations and projections for the future, particularly following the acquisition of MEG. Cenovus has highlighted the importance of these projections while recognizing the inherent uncertainty involved.
Cenovus Energy's Operations and Goals
Cenovus Energy Inc. operates as an integrated energy company with a wide array of oil and natural gas production capabilities. They focus on providing sustainable and efficient operations in Canada and the Asia Pacific region. In addition to production, Cenovus also engages in major upgrading, refining, and marketing activities across Canada and the United States. The company is committed to responsible growth by factoring in environmental and social governance in its business strategy.
Contact Information for Inquiries
Cenovus Energy encourages stakeholders to reach out with any inquiries regarding the acquisition or shareholder initiatives. For investor-related questions, the general investor relations line is available at 403-766-7711, while media inquiries can be directed to their media relations line at 403-766-7751. Cenovus values open communication and transparency with its shareholders and the public.
Frequently Asked Questions
1. Why was the MEG shareholders' meeting rescheduled?
The meeting was postponed to give shareholders more time to evaluate the acquisition proposal from Cenovus Energy.
2. What is the new deadline for submitting votes?
Shareholders can now submit their proxy votes until October 29, 2025, at 9:00 a.m. (Calgary Time).
3. What options do MEG shareholders have during the acquisition?
Shareholders can choose to receive $29.50 in cash or elect to receive 1.240 shares of Cenovus common stock for each MEG share.
4. What is the approval requirement for the transaction?
At least 66?% of MEG shareholders must approve the transaction for it to proceed.
5. How does Cenovus ensure environmental responsibility in its operations?
Cenovus is dedicated to integrating environmental and social governance considerations into their business practices to promote sustainable growth and development.
