Canada’s MEG Rejects Husky Energy Buyout Offer

Canada’s MEG Energy Corp. on Oct. 17 rejected Husky Energy Inc.’s offer to buy the oil and gas producer, saying the proposal undervalued the company.

Husky, MEG’s bigger rival, made a formal offer earlier this month to buy each MEG share for C$11 in cash or 0.485 of a Husky share, days after making an unsolicited C$6.4 billion (US$5 billion) buyout proposal.

“The board … has unanimously determined that the Husky offer significantly undervalues the common shares and is not in the best interests of MEG or MEG shareholders,” MEG said in a statement.