In its offer Sunday, Husky said it was going directly to MEG’s shareholders after its board refused to consider a proposal. Husky CEO Rob Peabody says MEG has outperformed operationally at its Christina Lake development in northeastern Alberta but has failed to deliver value to shareholders. Husky shares were down $1.39, or about six per cent, at $21.29 at about 11 a.m. The hostile offer is for a combination of cash or shares worth $11 for each MEG share. Husky values the transaction at $6.4 billion, including the assumption of $3.1 billion in debt, and says the proposal will be open for acceptance by MEG shareholders until Jan. 16.

Source: thestar October 01, 2018 16:30 UTC