MEG rejects $2.3b takeover bid by Li Ka-shing's Husky Energy

MEG rejects $2.3b takeover bid by Li Ka-shing's Husky Energy

Li Ka-Shing (Bloomberg)

MEG Energy Corp. rejected a C$3 billion ($2.3 billion) hostile takeover by Husky Energy Inc. and plans to start a strategic review with an eye to finding another buyer.

The Calgary-based oil-sands producer said on Wednesday that its board unanimously rejected the unsolicited bid Husky made last month, arguing it significantly undervalues the company and that it expected superior offers to emerge.

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