Husky Energy Inc. said Jan. 17 it will not extend its hostile bid for MEG Energy after failing to get sufficient support from the rival oil producer’s board and shareholders.
Husky’s C$3.3 billion (US$2.5 billion) offer in September to buy MEG for C$11 in cash per share or 0.485 of a Husky share, expired at 5 p.m. EST on Jan. 16.
Husky was expecting to secure over 50% support from MEG’s shareholders for the offer, people familiar with the situation told Reuters on Jan. 16.
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