Waterous' Strathcona Stands By Its Offer for MEG After Rebuttal
Canadian oil tycoon Adam Waterous' Strathcona Resources Ltd. stood by its offer for MEG Energy Corp. after having the $4.1-billion hostile takeover bid rejected by MEG's board.
'Strathcona firmly believes its offer provides a true win-win for MEG and Strathcona shareholders, uniting two heavy oil 'pure plays' into a new Canadian oil champion,' the company said in a statement, adding that it also welcomed a move by MEG's board to sound out alternative suitors.
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