The Globe and Mail reports in its Saturday, Aug. 30, edition that last week, MEG Energy accepted a $7-billion takeover offer from Cenovus Energy after previously rejecting a nearly $6-billion hostile bid from Strathcona Resources. The Globe's Jameson Berkow writes that on Thursday, however, Strathcona announced plans to acquire several hundred million dollars worth of MEG stock to vote against the Cenovus deal. Strathcona already owns 9.2 per cent of MEG and is planning to increase that interest to 14.2 per cent. At current market value, acquiring an additional 5 per cent of MEG will cost Strathcona more than $350-million. At least two-thirds of MEG investors will need to support the sale to Cenovus at an Oct. 9 meeting before the transaction can be completed. That means Strathcona will need to persuade another 20 per cent of MEG shareholders to vote no in order to block the deal. Adam Waterous, executive chair of Strathcona and head of the Waterous Energy Fund -- which owns Strathcona -- previously said that his offer for MEG is worth more than what Cenovus agreed to pay. Cenovus is offering MEG a deal valued at $7.9-billion, comprising 75-per-cent cash and 25-per-cent stock, worth $27.25 per share.