Deals

Husky Ends Hostile MEG Bid After Lack of Investor Support

Bid terminated despite backing of more than 50% of MEG shares
Oil sands producer Husky cites impact of Alberta output curbs

Daniel Farb Steps Down From MEG Energy Board Citing Direction of Firm — Photographer: Andrey Rudakov/Bloomberg

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By Scott Deveau and Kevin Orland

January 17, 2019 at 11:46 AM UTC

Updated on

January 17, 2019 at 5:30 PM UTC

This article is for subscribers only.

Husky Energy Inc. abandoned its C$2.75 billion ($2 billion) hostile takeover bid for rival Canadian oil-sands producer MEG Energy Corp. after failing to win enough support from shareholders.

Husky said in a statement it didn’t secure the backing of the required minimum number of investors by the time its that its cash-and-stock offer expired on Wednesday. The Calgary-based company previously stated the offer was subject to at least two-thirds of MEG’s shares being tendered.