Strathcona Resources Terminates Takeover Bid: Strathcona Resources has announced the immediate termination of its takeover bid for MEG Energy, stating that the ongoing actions of the MEG Board made an improved offer impractical.
Cenovus Energy's Acquisition of MEG: Cenovus Energy has agreed to acquire MEG Energy in a deal valued at C$7.9 billion, which surpasses Strathcona's previous C$5.9 billion hostile takeover offer that was rejected by MEG's board.
Strathcona's Shareholding and Future Plans: Following the termination of the bid, Strathcona holds 6,664,400 common shares of MEG and plans to vote against Cenovus's acquisition, while also announcing a special distribution of $10.00 per share to its shareholders.
Market Position: After the sale of MEG, Strathcona will become the only pure play oil company in North America producing over 50 Mbbls/d without mines or refineries.
Wall Street analysts forecast CA stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CA is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
0 Analyst Rating
Wall Street analysts forecast CA stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CA is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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0 Sell
Current: 25.020
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Current: 25.020
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
