Last-minute delay to MEG vote on Cenovus acquisition

Passing the deal requires approval by two-thirds of MEG shareholders, and a vote has twice been postponed amid concerns it would fall short of the required supermajority. Photo by Courtesy MEG Energy/Postmedia files

A shareholder vote to approve Cenovus Energy Inc.’s $8.6-billion acquisition of MEG Energy Corp. is still scheduled to go ahead Thursday, despite the target company announcing a last-minute delay of a few hours to address a “regulatory inquiry.”

Shareholders in the oilsands producer who turned up in-person or virtually for the special meeting in Calgary Thursday morning expecting either to vote or to hear the final decision announced were surprised by news of the postponement until 2 p.m. (4 p.m. Eastern).

“I’ve made a decision to recess the meeting until 2 p.m. thi