Strathcona (SCR) has upped its original offer for MEG Energy (MEG), raising the price to nearly $31 per share - a ~10% premium to the Cenovus (CVE) offer MEG’s board accepted late last month.

Cenovus had some news of its own, selling its stake in WRB Refining for $1.9B - with proceeds to go towards leverage reduction and buybacks, adding support to the 25% stock portion of its bid for MEG.

As the September 15th vote nears, MEG shareholders have two choices: cash out (Cenovus deal), or own a scaled SAGD operation (Strathcona deal). The tug of war continues…

You might be interested in…

About Bullpen: Bullpen Finance Inc. publishes content on Canadian markets and provides paid research coverage of select Canadian issuers. Bullpen is paid in cash by covered issuers, does not accept stock or options, does not hold positions in covered securities, and does not conduct investment banking business. Bullpen and LodeRock Advisors Inc. are affiliated; LodeRock provides investor relations services to issuers, some of whom are covered by Bullpen Research. When a post discusses a covered issuer, a specific disclosure appears at the top of the post. This post is published for general information purposes. It is not personalized investment advice and is not tailored to any individual reader’s circumstances. Bullpen is not a registered investment adviser or dealer. For full disclosures, including analyst certification, jurisdictional statements, and conflict of interest policies, please see our Legal & Disclosures section on our website.