Cenovus Energy Inc. has delayed a shareholder vote regarding its takeover bid for MEG Energy Corp. The decision comes after early indications suggested that the proposal might not secure the necessary two-thirds support for approval. In a statement released on Tuesday, MEG announced that approximately 63 percent of shareholders had expressed support for Cenovus's offer, based on proxy votes submitted and those expected to be cast in person at a special meeting originally scheduled for Thursday. MEG noted that this support exists despite opposition from Strathcona Resources Ltd., which is believed to have voted against the deal. Cenovus has opted to postpone the meeting to October 30, allowing shareholders more time to submit their votes on the cash-and-stock offer. This marks the second time the vote on Cenovus's bid has been postponed. The first vote was abruptly canceled earlier this month due to disappointing early proxy returns. Following that cancellation, Cenovus enhanced its offer for MEG in exchange for the right to acquire additional shares in the company. Mergers and acquisitions experts have described this move as unusual, particularly as it released Cenovus from standard “standstill provisions” typically seen in contested takeover situations. Last week, Cenovus reported that it had acquired 9.8 percent of MEG's shares, which it intended to vote in favor of the deal. Despite holding a larger share of MEG, some energy investors expressed surprise that Cenovus still lacked sufficient support to secure approval for its board-backed deal. A successful takeover of MEG would significantly enhance Cenovus's position in the Christina Lake region of Alberta, where MEG operates a single oil-sands site producing about 100,000 barrels of crude oil daily. Cenovus, one of Canada’s largest crude producers, reported an upstream production of approximately 832,000 barrels of oil equivalent per day in the third quarter. The situation remains fluid as the new meeting date approaches, and further developments are expected.