The Globe and Mail reports in its Wednesday, Oct. 15, edition that Cenovus Energy bought approximately 21.7 million common shares of MEG Energy ahead of a merger vote, strengthening its position to acquire one of Canada's last large pure-play oil sands companies. A Reuters dispatch to The Globe reports that Cenovus Energy has acquired approximately 8.5 per cent of MEG's 254.4 million outstanding shares since Oct. 8 and can buy up to 9.9 per cent of MEG shares before the merger vote, per a revised standstill agreement. MEG's board approved Cenovus's $8.6-billion bid, but it needs two-thirds support from investors. The shareholder meeting has been postponed to Oct. 22 to give investors more time to review the proposal. Cenovus raised its bid earlier this month to outbid Strathcona Resources for MEG. Cenovus also amended its deal structure, shifting to a 50-50 mix of cash and shares, up from 75-per-cent cash and 25-per-cent stock, giving MEG investors a greater upside in the combined company. The deal is expected to close early in the fourth quarter of 2025. Strathcona Resources has abandoned its takeover bid for MEG, ending its months-long battle with Cenovus.