Cenovus Energy has amended its arrangement agreement from August 21, 2025, to acquire MEG Energy.

Under the new terms, MEG shareholders can choose to receive either $29.50 in cash or 1.240 Cenovus common shares, with a total maximum of $3.8 billion in cash and 157.7 million shares.

This results in a pro-rated mix of 50 per cent cash and 50 per cent shares, equating to approximately $14.75 in cash and 0.620 shares per MEG share.

The fully pro-rated value is about $29.80 per MEG share, reflecting a $1.32 increase from the original agreement.

This offer is Cenovus’s final proposition for MEG.

Additionally, the terms of the existing standstill agreement have been revised, allowing Cenovus to acquire up to 9.9 per cent of MEG’s shares, which it intends to vote in favor of the transaction.

Cenovus plans to boost its share repurchases if the deal is approved.

Key regulatory approvals have already been obtained from the Canadian Competition Bureau and the US Federal Trade Commission.