HSE comments on MEG rejectionAs expected, HSE is not dissuaded by MEG's rejection, and is sticking to their guns. When no white knoght emerges, HSE will be firmly in the drivers seat, and MEG will be firmly stuck between a rock and a hard place. https://www.huskyenergy.com/news/release.asp?release_id=2206517
CALGARY, Alberta, Oct. 18, 2018 (GLOBE NEWSWIRE) -- Husky Energy Inc. (TSX:HSE) (“Husky” or the “Company”) has reviewed the directors’ circular filed by MEG Energy Corp. (TSX:MEG) (“MEG”) in connection with Husky’s Offer to acquire MEG.
“We continue to believe the proposed combination of Husky and MEG is a unique opportunity to deliver substantial benefits to the shareholders of both companies,” said CEO Rob Peabody. “Nothing in the MEG circular changes the clear and compelling value our Offer delivers to MEG shareholders.
“Existing and ongoing market challenges, including record high WCS-WTI differentials and the upcoming IMO 2020 implementation, underscore the benefits of a Husky-MEG combination. With a strong balance sheet, significant refining capacity, pipeline transportation, storage and logistical assets, a combined company would immediately address MEG’s risk exposure, while retaining upside.
“Husky remains committed to realizing this opportunity, and we are confident our proposed combination is, and will be, the best available option to maximize value for MEG shareholders.”