MEG Investors File Complaints Over Cenovus Takeover Process

Three MEG Energy Corp. shareholders said they have filed complaints with the Alberta Securities Commission, claiming the MEG board failed to prioritize investor interests by allowing Cenovus Energy Inc. to buy shares after sweetening its offer last week.

The investors, including Smead Capital Management, which holds about 0.5% of MEG stock, claim that the MEG board was more interested in preventing rival bidder Strathcona Resources Ltd. from acquiring the company than ensuring the highest possible price for shareholders. The other investors who filed complaints with the regulator are Charles Frischer and Asheef Lanai.