MEG Delays Vote on $5.4B Oil Takeover Yet Again
Canadian oil producer MEG Energy Corp. has postponed a shareholder vote on a C$7.6 billion ($5.4 billion) takeover proposal by Cenovus Energy Inc.
The vote was delayed to give the company time to disclose more information on asset sales. MEG Chairman James McFarland announced the decision after hours of delay during an investor meeting in Calgary.
The meeting has been rescheduled for next week. The move followed a bizarre day that saw McFarland defer a vote that had been scheduled for 9 a.m.
The company needs to disclose more information on asset sales before the vote.
Author's summary: MEG Energy Corp. delays shareholder vote on takeover proposal.
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