MEG Delays Vote on $5.4B Oil Takeover Yet Again
Canadian oil producer MEG Energy Corp. postponed a shareholder vote on a C$7.6 billion ($5.4 billion) takeover proposal by Cenovus Energy Inc.
The vote was delayed to give the company time to disclose more information on asset sales.
MEG Chairman James McFarland announced the delay after hours of postponement, rescheduling the investor meeting for next week.
The move ended a bizarre day that saw McFarland defer a vote that had been scheduled for 9 a.m.
The decision was made to provide more transparency on asset sales before proceeding with the vote.
Author's summary: MEG Energy Corp. delays shareholder vote on takeover proposal.
- Company: MEG Energy Corp.
- Takeover proposal: C$7.6 billion ($5.4 billion) by Cenovus Energy Inc.
- Reason for delay: Disclosure of more information on asset sales
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