Strathcona Resources Ltd. has made a higher rival bid and already ownss 14 per cent of MEG

Cenovus Energy Inc.’s top executive said the company doesn’t plan to increase its takeover offer for oil sands producer MEG Energy Corp., despite a higher rival bid from Strathcona Resources Ltd.

“We’re paying at the highest end of the range. And you know, we are in a world where we think we’ve got the only viable bid going forward,” Chief Executive Officer Jon McKenzie said in an interview. “We are closing the door” on making a higher bid, he said.

Cenovus announced a cash-and-stock offer last month that values MEG at just over $28 a share. But MEG’s stock has been trading well above that, closing at $29.12 in Toronto on Tuesday after Strathcona announced its all-stock competing offer the previou

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