The improved hostile takeover bid from Strathcona Resources SCR-T is still not good enough to win support from MEG Energy MEG-T .

MEG’s board of directors released a litany of reasons on Monday detailing why they believe shareholders in the last independent Canadian oil sands producer should reject Strathcona’s latest proposal and stick with the friendly $7-billion deal with Cenovus Energy CVE-T .

MEG said the all-stock offer Strathcona announced on Sept. 8 is actually worse than the mix of cash and stock the company first put on the table in May because of a large special dividend Strathcona has promised to pay later this year.

Strathcona has committed to distributing $2.14-billion to its investors before the end of 2025, which will equate to $5.22 per share if its quest

See Full Page