CEO of Waterous Energy Fund Adam Waterous Photo by Todd Korol / Bloomberg

(Bloomberg) — Strathcona Resources Ltd. founder Adam Waterous said his company will vote against Cenovus Energy Inc.’s acquisition of MEG Energy Corp., saying the oil sands producer’s board accepted an inferior offer in an attempt to thwart his own bid.

Strathcona, which owns a 9.2% stake in MEG, will continue engaging with shareholders prior to the Sept. 15 deadline to accept its own unsolicited takeover offer, Waterous said. If its bid fails, Strathcona will vote its stake against the Cenovus deal and proceed with a previously disclosed plan to pay a special dividend of about C$10 per share.

Cenovus on Friday agreed to buy MEG in a cash-and-stock deal that values it at about C$27.25 a share, with about three

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