Li Ka-shing’s Husky Energy ends hostile MEG bid after lack of investor support

Li Ka-shing’s Husky Energy ends hostile MEG bid after lack of investor support

Photo: Bloomberg

Husky Energy Inc. abandoned its C$2.75 billion ($2 billion) hostile takeover bid for rival Canadian oil-sands producer MEG Energy Corp. after failing to win enough support from shareholders.

Husky said in a statement it didn’t secure the backing of the required minimum number of investors by the time its that its cash-and-stock offer expired on Wednesday. The Calgary-based company previously stated the offer was subject to at least two-thirds of MEG’s shares being tendered.

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