MEG Energy headquarters in Calgary. Photo by Gavin Bryan John/Bloomberg/File

Strathcona Resources Ltd. said it is abandoning its takeover bid for MEG Energy Corp. after the target company’s board accepted an increased offer from oilsands major Cenovus Energy Inc. earlier this week.

Strathcona said it was disappointed to be terminating its bid but that “anti-competitive actions taken by the MEG board” would make it difficult to counter Cenovus with an improved offer, the company said in a statement Friday afternoon.

The private-equity backed company, led by veteran oilpatch dealmaker Adam Waterous , said it planned to hold a shareholder meeting in November to approve a $10 per-share special distribution to its shareholders, payable either as a dividend or return of capital.

The

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