Latest news with #WaterousEnergyFund
National Post
27-06-2025
- Business
- National Post
Waterous Energy Fund Announces Purchase of Subscription Receipts of Strathcona Resources Ltd.
Article content Article content CALGARY, Alberta — Waterous Energy Fund Management Corp. (the ' WEF Manager '), in its capacity as manager of Waterous Energy Fund III (Canadian) LP, Waterous Energy Fund III (US) LP, Waterous Energy Fund III (International) LP, Waterous Energy Fund III (Canadian FI) LP and Waterous Energy Fund III (International FI) LP (collectively, the ' WEF Receiptholders ') and as manager of certain other limited partnerships, including but not limited to, Waterous Energy Fund (Canadian) LP, Waterous Energy Fund (US) LP, Waterous Energy Fund (International) LP and Waterous Energy Fund II Aggregator LP (together with the WEF Receiptholders and certain other entities managed by the WEF Manager, the ' WEF Funds '), today announced that on June 27, 2025 the WEF Receiptholders have purchased 21,400,000 subscription receipts (the ' Subscription Receipt ') of Strathcona Resources Ltd. (TSX: SCR) (the ' Issuer '), at a price of $30.92 per Subscription Receipt, for an aggregate purchase price of $661,688,000.00 (the ' Investment '). Immediately prior to the completion of the Investment, the WEF Funds collectively owned an aggregate of 170,536,718 common shares of the Issuer (the ' Common Shares '), representing approximately 79.6% of the issued and outstanding Common Shares. Following the completion of the Investment, the WEF Funds collectively own an aggregate of 170,536,718 Common Shares, representing approximately 79.6% of the issued and outstanding Common Shares, and 21,400,000 Subscription Receipts, representing all of the issued and outstanding Subscription Receipts. Article content The Subscription Receipts were purchased and are being held by the WEF Receiptholders for investment purposes and in connection with the Issuer's proposed acquisition of all of the issued and outstanding common shares of MEG Energy Corp. (TSX: MEG) not already owned by the Issuer or its affiliates, by way of a formal take-over bid (the ' Offer '). The proceeds from the Investment will be used to partially fund the cash consideration payable by the Issuer under the Offer. The completion of the Offer remains subject to the satisfaction of customary conditions, including obtaining all required regulatory and stock exchange approvals. The applicable WEF Funds hold the Common Shares for investment purposes. Article content The WEF Funds may, depending on market and other conditions and subject to applicable securities laws, change their beneficial ownership of the Subscription Receipts and/or the Common Shares, whether in the open market (solely with respect to the Common Shares), by privately negotiated agreements, or otherwise. Any transaction that any WEF Fund may pursue may be made at any time and from time to time without prior notice and will depend on a variety of factors, including, without limitation, the price and availability of the Issuer's securities, subsequent developments affecting the Issuer, its business and prospects, other investment and business opportunities available to the WEF Funds, general industry and economic conditions, the securities markets in general, tax considerations and other factors deemed relevant by the WEF Funds. Notwithstanding the foregoing, the WEF Funds and/or any of their affiliates may take such actions with respect to their investment in the Issuer as they deem appropriate, including developing plans or intentions or taking actions which relate to or would result in one or more of the transactions or matters referred to in paragraphs (a) through (k) of Item 5 of Form 62-103F1 – Required Disclosure Under the Early Warning Requirements. Article content This news release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. The WEF Receiptholders will file an early warning report with the applicable securities commission in each jurisdiction where the Issuer is a reporting issuer and will be available on the SEDAR+ profile of the Issuer at A copy of the early warning report may also be obtained by contacting Waterous Energy Fund's Chief Executive Officer at 403-930-6048 or info@ Article content The head office of the Issuer is located at 1900, 421 – 7th Avenue SW, Calgary, Alberta T2P 4K9. The head office of the WEF Manager and the WEF Funds is located at 600, 301 – 8th Avenue SW, Calgary, Alberta T2P 1C5. Article content Article content Article content Article content Article content
Reuters
20-06-2025
- Business
- Reuters
Strathcona supports MEG's strategic alternative process after rejected C$6 billion bid
June 20 (Reuters) - Canadian oil and gas producer Strathcona ( opens new tab said on Friday it supports MEG Energy's ( opens new tab decision to initiate a strategic alternatives process and explore potential deals after MEG urged shareholders to reject Strathcona's C$6 billion ($4.38 billion) hostile takeover bid. On Monday, MEG Energy advised shareholders to reject the offer, describing it as inadequate and not in their best interests. The board also launched a strategic review to consider alternatives that could deliver greater value than MEG's current plan to remain a standalone company. Strathcona, which is backed by Calgary-based private equity firm Waterous Energy Fund, said it remains willing to participate in the alternatives process and looks forward to constructive engagement with MEG's board Strathcona said it believes it is the only peer company which would provide meaningful overhead synergies if a deal is reached. Since 2020, Strathcona, has become one of the fastest-growing oil companies in North America through a series of acquisitions. The all-cash-and-stock offer announced by Strathcona in May, would combine two of Canada's largest pure-play thermal oil sands operators and make Strathcona the country's fifth-largest oil producer. ($1 = 1.3691 Canadian dollars)
Yahoo
20-06-2025
- Business
- Yahoo
Strathcona supports MEG's strategic alternative process after rejected C$6 billion bid
(Reuters) -Canadian oil and gas producer Strathcona said on Friday it supports MEG Energy's decision to initiate a strategic alternatives process and explore potential deals after MEG urged shareholders to reject Strathcona's C$6 billion ($4.38 billion) hostile takeover bid. On Monday, MEG Energy advised shareholders to reject the offer, describing it as inadequate and not in their best interests. The board also launched a strategic review to consider alternatives that could deliver greater value than MEG's current plan to remain a standalone company. Strathcona, which is backed by Calgary-based private equity firm Waterous Energy Fund, said it remains willing to participate in the alternatives process and looks forward to constructive engagement with MEG's board Strathcona said it believes it is the only peer company which would provide meaningful overhead synergies if a deal is reached. Since 2020, Strathcona, has become one of the fastest-growing oil companies in North America through a series of acquisitions. The all-cash-and-stock offer announced by Strathcona in May, would combine two of Canada's largest pure-play thermal oil sands operators and make Strathcona the country's fifth-largest oil producer. ($1 = 1.3691 Canadian dollars)
Yahoo
17-06-2025
- Business
- Yahoo
MEG Energy's board urges shareholders to reject Strathcona's $4.42 billion offer
(Reuters) -Canadian oil producer MEG Energy on Monday urged its shareholders to reject a nearly C$6 billion ($4.42 billion) hostile takeover offer from Strathcona Resources, calling the bid inadequate and not in their best interest. The board also launched a strategic review to explore alternatives that could lead to a better offer than MEG's current plan to be a standalone company. In May, the Canadian oil and gas producer Strathcona Resources said it planned to launch a hostile takeover bid for MEG Energy, valuing its rival's shares at C$23.27 per share. MEG's last close was C$25.71. Later, MEG advised its shareholders to not take action on the unsolicited takeover bid. Since 2020, Strathcona, owned by Calgary-based private equity firm Waterous Energy Fund (WEF), has become one of the fastest-growing oil companies in North America through a series of acquisitions. If the takeover were to go through, WEF would own 51% stake in the combined company, making it a vehicle for WEF and its investors to sell their material ownership over time, MEG Energy said. "This selling pressure, or even the perceived risk of such selling pressure, will place immediate and significant downward burden on the share price of the combined company for a prolonged period of time," the company said in a statement. Strathcona Resources did not immediately respond to Reuters request for comment. ($1 = 1.3563 Canadian dollars) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
16-06-2025
- Business
- CTV News
MEG Energy's board urges shareholders to reject Strathcona's $6 billion offer
Canadian oil producer MEG Energy on Monday urged its shareholders to reject a nearly $6 billion hostile takeover offer from Strathcona Resources, calling the bid inadequate and not in their best interest. The board also launched a strategic review to explore alternatives that could lead to a better offer than MEG's current plan to be a standalone company. In May, the Canadian oil and gas producer Strathcona Resources said it planned to launch a hostile takeover bid for MEG Energy, valuing its rival's shares at $23.27 per share. MEG's last close was $25.71. Later, MEG advised its shareholders to not take action on the unsolicited takeover bid. Since 2020, Strathcona, owned by Calgary-based private equity firm Waterous Energy Fund (WEF), has become one of the fastest-growing oil companies in North America through a series of acquisitions. If the takeover were to go through, WEF would own 51 per cent stakein the combined company, making it a vehicle for WEF and its investors to sell their material ownership over time, MEG Energy said. 'This selling pressure, or even the perceived risk of such selling pressure, will place immediate and significant downward burden on the share price of the combined company for a prolonged period of time,' the company said in a statement. Strathcona Resources did not immediately respond to Reuters request for comment. --- Reporting by Pooja Menon in Bengaluru; Editing by Leroy Leo
