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(Bloomberg) — MEG Energy Corp. said it was postponing for a second time on Thursday a meeting to announce the results of a shareholder vote on the company’s acquisition by Cenovus Energy Inc., citing a last minute regulatory inquiry.
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The meeting, originally scheduled for 9 a.m. Calgary time, was recessed until 2 p.m. due to a regulatory inquiry that came late Wednesday, James McFarland, chair of the MEG board, said on a webcast, without providing further details. At 2 p.m., McFarland again recessed the meeting until 6 p.m. to further study the regulatory inquiry.
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MEG and Cenovus didn’t respond to requests for comment on the nature of the regulatory issue and the delay.
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MEG shares fell 1.1% to C$29.47 in Toronto on Thursday.
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Shareholders are voting on the deal after a five month bidding war for MEG, an oil sands producer that produces about 100,000 barrels a day of crude from its Christina Lake site in northeast Alberta.
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On Monday, Cenovus announced it secured the support of MEG’s biggest shareholder Strathcona Resources Ltd. after sweetening its own offer to C$30 in cash or 1.255 Cenovus shares for each MEG share. Strathcona had kicked off the bidding war last May with an unsolicited bid for the company that was opposed by the MEG board. Strathcona had, until this week, pledged to oppose Cenovus deal and two previous votes this month were delayed as MEG struggled to secure enough shareholder support.
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(Updates with vote delayed for a second time starting in paragraph 1.)
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