On October 21, 2025, Cenovus Energy announced that it exercised its contractual right to postpone the special meeting of MEG Energy shareholders that would vote on the proposed acquisition. The meeting was moved from October 22 to October 30, 2025.
The postponement extends the deadline for proxy submissions to October 29 at 9:00 a.m. Calgary time, giving shareholders additional time to review the transaction and decide whether to support the deal.
The acquisition terms remain unchanged: each MEG shareholder can elect to receive $29.50 in cash or 1.240 Cenovus shares, subject to a maximum of $3.8 billion in cash and 157.7 million Cenovus shares. The transaction is contingent on approval by at least 66⅔% of the shares represented in person or by proxy.
The delay is a strategic move by Cenovus to secure stronger shareholder backing and ensure a smooth completion of the deal, which is a key part of its growth strategy and integration plan.
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