Cenovus Energy announces amended agreement with increased price to acquire MEG

Cenovus Energy (CVE) announced that it has entered into an amending agreement in respect of the arrangement agreement dated August 21, 2025 to acquire MEG Energy. Under the terms of the Amended Agreement, each MEG shareholder will have the option to elect to receive, for each MEG common share, (i) $29.50 in cash; or (ii) 1.240 Cenovus common shares, subject to rounding and pro-ration based on a maximum amount of $3.8B in cash and a maximum of 157.7M Cenovus common shares. The pro-rated consideration represents a mix of 50% cash and 50% Cenovus common shares. On a fully pro-rated basis, the consideration per MEG common share represents approximately $14.75 in cash and 0.620 of a Cenovus common share. The fully pro-rated consideration for MEG represents a value of approximately $29.80 per MEG share at Cenovus’s closing share price on October 7, 2025, an increase of approximately $1.32 per share based on current market pricing relative to the terms of the original arrangement agreement. The consideration under the Amended Agreement represents Cenovus’s best and final offer for MEG.