Strathcona Takes $4.1 Billion MEG Offer to Shareholders (2)

Canadian oil tycoon Adam Waterous’ Strathcona Resources Ltd. took its unsolicited takeover offer for MEG Energy Corp. directly to shareholders after the company’s board spurned an earlier approach.

The offer — which values MEG’s equity at about C$5.6 billion ($4.1 billion) based on Strathcona’s most recent closing price — is open for acceptance until Sept. 15, Strathcona said Friday. MEG said its board will review the proposal and provide shareholders with a recommendation within 15 days. In the meantime, it asked investors not to take any action on the bid.

Strathcona went public earlier this month with its intentions toward ...