Jon McKenzie will not be baited into a bidding war for MEG Energy.

Two days after Strathcona Resources boosted its hostile bid for the last of Canada’s pure-play oil sands producers, the chief executive officer of Cenovus Energy remains confident his friendly $7-billion deal will win.

“We have the only viable bid,” Mr. McKenzie said in an interview. “We have the only realistic bid and it is far superior to anything else that has been put out there.”

“It is a deal that should get done at the current price,” he said.

Strathcona’s original offer in May consisted of 0.62 Strathcona shares and $4.10 per MEG share, which valued the company at nearly $6-billion before debt. It was rejected by MEG’s board in June. After MEG accepted another offer from Cenovus last month, Strathcona execu

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