The bidding war to buy the last of Canada’s pure-play oil sands producers advanced on Monday, with Strathcona Resources Ltd. SCR-T launching an amended hostile bid for MEG Energy Corp. MEG-T as it seeks to best a friendly $7-billion deal with Cenovus Energy Inc. CVE-T .

Strathcona is now offering 0.8 Strathcona shares for each MEG share, which it says equates to $30.86 per share or roughly $7.85-billion for the entire company, not including MEG’s debt. When the Cenovus deal was announced on Aug. 22, that offer was worth $27.25 per MEG share.

Cenovus is offering mostly cash for MEG, with 25 per cent of its bid composed of shares, while Strathcona’s latest offer is all shares. In May, Strathcona originally offered 0.62 Strathcona shares and $4.10 per MEG share, which was worth $23.

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