ISS recommends Nuvista Energy shareholders vote for Ovintiv transaction

NuVista Energy (NUVSF) announced that independent proxy advisory firm, including Institutional Shareholder Services, have recommended shareholders of NuVista vote “FOR” the special resolution approving the Arrangement at the upcoming special meeting of NuVista Shareholders to be held on January 23, 2026 at 8:00 a.m. At the Meeting, NuVista Shareholders will be asked to approve the previously announced plan of arrangement involving NuVista, NuVista Shareholders, Ovintiv (OVV) Inc. and a wholly-owned subsidiary of Ovintiv, Ovintiv Canada ULC. Under the terms of the Arrangement, NuVista Shareholders shall be entitled to elect to receive, in exchange for their shares of NuVista: $18.00 in cash per NuVista Share; 0.344 of a share in the common stock of Ovintiv per NuVista Share; or a combination of Cash Consideration and Share Consideration for their NuVista Shares, subject to rounding and proration based on the maximum aggregate Cash Consideration and the maximum aggregate Share Consideration set forth in the Arrangement Agreement. In issuing its endorsement in the report dated January 9, 2026, ISS lauded the sales process and negotiations that generated increased consideration with a larger cash component, and a valuation that “exceeds historical market prices over the last 15 years” as key factors in arriving at their positive recommendation.