MEG Energy says Glass Lewis recommends shareholders back Cenovus offer

CALGARY — MEG Energy Corp. says a second major independent proxy advisory firm has recommended its shareholders back a takeover offer for the company by Cenovus Energy Inc.

The company says Glass, Lewis & Co. has issued a report recommending shareholders vote for the cash-and-stock offer by Cenovus over a rival all-stock offer by Strathcona Resources Ltd.

The report comes after proxy advisory firm Institutional Shareholder Services Inc. said last week that MEG shareholders should support the Cenovus bid.

The Cenovus offer must be approved by a two-thirds majority vote by MEG shareholders, expected to be held on Oct. 9.

Strathcona has said it intends to vote its 14.2 per cent interest in MEG against the deal.

Cenovus and MEG have side-by-side oilsands properties at Christina Lake, south of Fort McMurray, Alta., while Strathcona also has operations in the region.

This report by The Canadian Press was first published Oct. 1, 2025.