Cenovus Energy CEO won't increase offer for MEG Energy - Bloomberg

[Cenovus Energy Centre]
jewhyte

Cenovus Energy's (NYSE:CVE [https://seekingalpha.com/symbol/CVE]) CEO said the company won't increase its takeover offer for oil sands producer MEG Energy Corp. (TSX:MEG:CA [https://seekingalpha.com/symbol/MEG:CA]) even after a higher rival bid from Strathcona Resources (TSX:SCR:CA [https://seekingalpha.com/symbol/SCR:CA]).

“We’re paying at the highest end of the range," Cenovus CEO Jon McKenzie said in an interview with Bloomberg [https://www.bloomberg.com/news/articles/2025-09-10/cenovus-cve-ceo-doesn-t-plan-higher-bid-for-meg]. "And you know, we are in a world where we think we’ve got the only viable bid going forward."

“We are closing the door” on making a higher offer, he told Bloomberg.

Last month , Cenovus Energy (NYSE:CVE [https://seekingalpha.com/symbol/CVE#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]) agreed to buy MEG Energy [https://seekingalpha.com/news/4488255-cenovus-energy-to-buy-meg-energy-in-c79b-deal-topping-strathcona-bid] (OTCPK:MEGEF [https://seekingalpha.com/symbol/MEGEF#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]) in a cash and stock deal valued at C$7.9B (~US$5.7B) including debt, creating one of Canada's largest oil sands companies.

MORE ON CENOVUS ENERGY INC., STRATHCONA RESOURCES LTD., ETC.

* MEG Energy: Another Unwanted Strathcona Offer [https://seekingalpha.com/article/4821091-meg-energy-another-unwanted-strathcona-offer]
* Cenovus Energy: Thanks For Paying In Cash [https://seekingalpha.com/article/4816300-cenovus-energy-thanks-for-paying-in-cash]
* Cenovus And MEG Energy: Great Deal [https://seekingalpha.com/article/4816181-cenovus-and-meg-energy-great-deal]
* Strathcona buys $190.8M stake in MEG Energy, opposes Cenovus takeover [https://seekingalpha.com/news/4491526-strathcona-buys-1908m-stake-in-meg-energy-opposes-cenovus-takeover]
* Cenovus Energy GAAP EPS of C$0.45, revenue of C$12.3B; updates FY outlook [https://seekingalpha.com/news/4475231-cenovus-energy-gaap-eps-of-c045-revenue-of-c123b-updates-fy-outlook]