The offer represents an 11% premium over the implied value of Cenovus' offer

Strathcona Resources Ltd. threw down the gauntlet Monday in the battle for MEG Energy Corp. , announcing a higher, all-stock takeover offer in a bid to sway shareholders ahead of a crucial vote on rival Cenovus Energy Inc. ‘s deal next month.

The heavy oil producer is now offering 0.80 of a Strathcona share per MEG share, valuing MEG at $30.86 per share, a 10 per cent bump from Strathcona’s original bid, based on Friday’s closing price.

The offer currently represents an 11 per cent premium over the implied value of Cenovus’s offer for MEG, also based on Friday’s closing price.

The all-stock bid would provide MEG shareholders a 43 per cent stake in the combined company, compared to just under four per cent

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