Cenovus Energy Inc. (NYSE:CVE) on Wednesday signed an amending agreement to its previously announced August 21, 2025, arrangement agreement to acquire MEG Energy Corp. (OTC:MEGEF).

Revised Acquisition Offer: Pursuant to the updated terms, MEG shareholders may elect to receive either $29.50 in cash per share or 1.240 Cenovus common shares, subject to rounding and proration limits of $3.8 billion in cash and 157.7 million Cenovus shares.

On a fully prorated basis, this equates to approximately $14.75 in cash and 0.620 Cenovus shares for each MEG common share, reflecting a 50/50 mix of cash and stock.

On a fully prorated basis, the offer values MEG shares at approximately $29.80 each, based on Cenovus's closing price on October 7, 2025, representing an increase of roughly $1.32 per share compared to the valuation ...