MEG Energy Urges Shareholders to Reject Husky’s Offer
During the third-quarter MEG Energy’s board of directors rejected Husky Energy’s bid to acquire the company and urged shareholders to do the same. As a reminder, Husky proposed to acquire all of the outstanding shares of MEG Energy in a deal valued at CAD 6.4 billion. Under the proposal, MEG shareholders would receive CAD 11 in cash or 0.485 of a Husky share, subject to a maximum cash payment of CAD 1 billion and a maximum of 107 million shares, and Husky would incur CAD 3.1 billion in debt. Hus...MEG Energy is engaged in a steam assisted gravity drainage oil sands development at its 80 section Christina Lake Regional Project. As of Dec 31 2010, Co. had total proved bitumen reserves of 605.9 gross thousand barrels (470.5 net thousand barrels).
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