Canadian oil and gas producer Husky Energy Inc. said late Oct. 2 it had formally offered to acquire all the outstanding common shares of MEG Energy Corp.
Each MEG shareholder will have the option to choose to receive consideration for each MEG share of C$11 in cash or 0.485 of a Husky share, Husky said in a news release.
Husky made an unsolicited bid on Sept. 30 to acquire rival MEG in a deal valued at C$6.4 billion (US$4.99 billion) including debt.
The combined company would have total production of more than 410,000 barrels of oil equivalent per day and refining and upgrading capacity of about 400,000 barrels per day. ($1 = C$1.2822)
Recommended Reading
Brett: Oil M&A Outlook is Strong, Even With Bifurcation in Valuations
2024-04-18 - Valuations across major basins are experiencing a very divergent bifurcation as value rushes back toward high-quality undeveloped properties.
Marketed: BKV Chelsea 214 Well Package in Marcellus Shale
2024-04-18 - BKV Chelsea has retained EnergyNet for the sale of a 214 non-operated well package in Bradford, Lycoming, Sullivan, Susquehanna, Tioga and Wyoming counties, Pennsylvania.
Triangle Energy, JV Set to Drill in North Perth Basin
2024-04-18 - The Booth-1 prospect is planned to be the first well in the joint venture’s —Triangle Energy, Strike Energy and New Zealand Oil and Gas — upcoming drilling campaign.
PGS, TGS Merger Clears Norwegian Authorities, UK Still Reviewing
2024-04-17 - Energy data companies PGS and TGS said their merger has received approval by Norwegian authorities and remains under review by the U.K. Competition Market Authority.
Energy Systems Group, PacificWest Solutions to Merge
2024-04-17 - Energy Systems Group and PacificWest Solutions are expanding their infrastructure and energy services offerings with the merger of the two companies.