The all-stock bid would provide MEG shareholders a 43 per cent stake in the combined company, compared to just under four per cent under Cenovus' cash-heavy agreement, Strathcona noted Monday in a statement blasting MEG's board for running a "broken" sale process. Photo by MEG Energy

Strathcona Resources Ltd. threw down the gauntlet Monday in the battle for MEG Energy Corp. , announcing a higher, all-stock takeover offer in a bid to sway shareholders ahead of a crucial vote on rival Cenovus Energy Inc. ‘s deal next month.

The heavy oil producer is now offering 0.80 of a Strathcona share per MEG share, valuing MEG at $30.86 per share, a 10 per cent bump from Strathcona’s original bid, based on Friday’s closing price.

The offer currently represents an 11 per cent premium over the i

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