Strathcona will also have to decide whether to abandon its bid on Sept. 15 or whether it will extend or improve its offer for MEG. Photo by IAN KUCERAK/EDMONTON SUN/QMI AGENCY

Strathcona Resources Ltd. isn’t backing down yet in the battle for Meg Energy Corp. , announcing Friday it intends to raise its stake in the oilsands producer to more than 14 per cent just days after Cenovus Energy Inc. confirmed it had reached a friendly takeover deal with Meg’s board.

Strathcona, which currently owns about 9.2 per cent of MEG, said it plans to buy another five per cent over the next two weeks while its hostile bid is still in play betting the larger stake could help the upstart producer to rally shareholders against Cenovus’ plan.

Strathcona chairman Adam Waterous lambasted Meg’s board la

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