CALGARY — MEG Energy Inc. has accepted a friendly cash-and-stock takeover offer from oilsands neighbour Cenovus Energy Inc. worth $7.9 billion, including debt, but Strathcona Resources, the hostile bidder MEG has spurned, is not ready to give up its pursuit.

A special committee reviewed all available options to boost shareholder value after Strathcona made its takeover attempt this spring, MEG chairman James McFarland said Friday.

"After considering the Strathcona unsolicited offer, engaging with multiple parties on proposals, and assessing them against MEG's stand-alone plan, the special committee and the MEG Board unanimously concluded that the proposed transaction with Cenovus represents the best strategic alternative," McFarland said in a statement.

Strathcona executive chairman Ada

See Full Page