Strathcona Resources (STHRF) announced earlier today a variation and extension of its previously announced takeover bid for MEG Energy (MEGEF). Under the terms of the amended offer, Strathcona is offering to acquire all of the shares of MEG not already owned by Strathcona for 0.80 of a common share of Strathcona per MEG Share. The expiry date for the offer is October 20. The amended offer equates to C$30.86 per MEG share and is an 11% premium to the agreement entered into by MEG and Cenovus Energy (CVE) announced August 22, which is currently valued at C$27.79 per MEG share, Strathcona said in a statement. The amended offer reflects a 10% increase to Strathcona’s original offer, which was valued at C$28.02 per MEG share as of September 5. Strathcona intends to undertake a special distribution of C$2.142B to all holders of Strathcona shares as a dividend or, at the election of shareholders, a return of capital. In the event the Amended Offer is successful, the special distribution will equate to approximately C$5.22 per Strathcona share.
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