Strathcona defends unsolicited takeover offer for oilsands peer MEG Energy

CALGARY — Strathcona Resources Ltd. says MEG Energy Corp. has made errors and misleading statements in its justifications for rejecting its unsolicited takeover bid.

Last month, Strathcona made a cash-and-stock offer to buy all of the MEG shares it does not already own, and MEG shares have consistently been trading higher than the implied offer price.

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Earlier this week, MEG urged shareholders to reject the bid, in part because it says combining with Strathcona would expose shareholders to inferior assets and capital market risk.

Strathcona has published a new presentation taking aim at the “Fact vs. Fiction” in MEG’s director’s circular outlining its rationale for opposing the offer.

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In the presentation, Strathcona says its oilsands assets are comparable to or sometimes better than MEG’s.

It adds that Waterous Energy Fund, led by Strathcona executive chairman Adam Waterous, has no intention of selling its stake in Strathcona post-takeover, which MEG contends is a risk.

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Lauren Krugel, The Canadian Press

This report by The Canadian Press was first published June 20, 2025.