Let’s talk M&A for a second shall we?
We’ve been following the Cenovus - MEG Energy - Strathcona tug of war for the past few months, and we’re in the later stages now. Full disclosure (as if you didn’t know or couldn’t surmise, we own MEG stock). So as we wrote earlier, this company likely gets sold somewhere in the $30s once all the bids come in and that’s already come true as SCR’s recent bid topped $30. The real questions are what’s next, and how’s the fight shaping up now? Which one’s more attractive . . . and who’s willing to go . . . over the top?
Let’s take a look and start with the easy one. Cenovus.