MEG Delays Vote on $5.4B Oil Takeover
Canadian oil producer MEG Energy Corp. has postponed a shareholder vote on a C$7.6 billion ($5.4 billion) takeover proposal by Cenovus Energy Inc.
The vote was delayed to give the company time to disclose more information on asset sales. MEG Chairman James McFarland announced the postponement after hours of delay during an investor meeting in Calgary.
The meeting has been rescheduled for next week. The decision ended a day marked by unusual delays, including McFarland deferring a vote that had been scheduled for 9 a.m.
The move will allow MEG Energy Corp. to provide additional information to its shareholders.
Author's summary: MEG Energy Corp. delays shareholder vote.