Newspaper article The Canadian Press

Hostile Husky Takeover Bid for MEG Energy Now Expected to Succeed as Proposed

Newspaper article The Canadian Press

Hostile Husky Takeover Bid for MEG Energy Now Expected to Succeed as Proposed

Article excerpt

Hostile Husky bid for MEG expected to succeed

--

CALGARY - A CIBC oil and gas analyst says the recent deterioration in crude oil prices makes it unlikely that a better offer will emerge to force Husky Energy Inc. to sweeten its hostile takeover bid for an oilsands rival.

Husky reported Tuesday that it had received all necessary regulatory approvals for the takeover of MEG Energy Corp. and is now waiting for shareholders' response to its offer which expires in mid-January.

Analyst Jon Morrison says in a research report that Investment Canada approval of the proposed deal could at one time have prompted the emergence of a rival bidder -- and a higher bid -- for MEG, but the weakening macro oil economy of the past couple of months makes it unlikely now.

He says he doesn't expect any of the four most likely competing bidders -- Imperial Oil Ltd. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.