Husky Energy has met all regulatory requirements for its full and fair offer to acquire MEG Energy Corp., including approval granted under the Investment Canada Act, the company said on Dec. 18. MEG has yet to agree on the deal.
“Receiving regulatory approvals is a significant step toward realizing this compelling opportunity,” Rob Peabody, CEO of Husky, said. “Our proposal offers an enhanced shareholder return proposition with much lower risk. Together, Husky and MEG will create a stronger, more resilient Canadian energy company.”
In October, Husky made an unsolicited formal offer to buy MEG Energy in a deal valued at CA$6.4 billion (US$4.7 million), in an effort to integrate assets and offset the deep price discounts on Canadian crude.
MEG had rejected Husky’s offer. The company could not be reached immediately for comment.
Husky’s offer is open for MEG to accept until Jan. 16, 2019, the company said in a statement.
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