Canada’s Strathcona Resources Ltd. is dropping its push to buy MEG Energy Corp. after Cenovus Energy Inc. increased its own bid for the Alberta oil producer.
Strathcona, controlled by former investment banker Adam Waterous, said in a statement Friday that its offer for MEG is “no longer capable of being satisfied” after Cenovus raised its offer by about 5% Wednesday. The increased offer would value MEG at about C$7.6 billion ($5.4 billion).
Read More: Cenovus Sweetens Offer for MEG in Canada Oil Takeover Battle
MEG’s board had turned down an all-stock offer from Strathcona, which owns 14% of the ...
