Special meeting of MEG shareholders to vote on Cenovus transaction postponed to Thursday, October 30, 2025

Executive Summary

• Cenovus exercised its contractual right to postpone the special meeting of MEG Energy shareholders from Oct 22 to Oct 30, 2025, and extended the proxy deadline to Oct 29.
• At the time of postponement, ~63% of shares (or >75% excluding Strathcona Resources) were expected to vote FOR the acquisition, surpassing the 66% approval threshold required for the deal.
• The transaction remains on a “best‑and‑final” basis: each MEG share may be exchanged for $29.50 cash or 1.240 Cenovus shares (subject to rounding), representing a 44 % premium to the unaffected 20‑day VWAP as of May 15, 2025.

Key Details

• Postponement: Special meeting moved from Oct 22, 2025 → Oct 30, 2025; proxy deadline now Oct 29, 2025 at 9:00 a.m. Calgary time.
• Voting Support: ~63% of shares (or >75% excluding Strathcona Resources) expected to vote FOR the acquisition at the time of postponement.
• Approval Threshold: Transaction requires ≥66 % of votes cast (in person or proxy). Current support exceeds this threshold.
• Consideration Options:
• Cash: $29.50 per MEG common share (maximum cash outlay $3.8 billion).
• Shares: 1.240 Cenovus common shares per MEG share (maximum 157.7 million Cenovus shares).
• Premium: Offer reflects a 44 % premium to the unaffected 20‑day VWAP as of May 15, 2025.
• Strategic Rationale: Cenovus emphasizes the deal’s “best and final” nature, flexibility for shareholders, and potential upside/synergy from combining the companies.

Notable Quotes

(No direct quotes were provided in the release.)