Husky Energy Inc. cumulative redeemable preferred T.HSE.PR.B

RE:RE:RE:HSE, MEG and the oil differentials

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I am certain HSE will follow the playbook SU used in their takeover of COS.

1. Initiate the hostile taekover offer
2. Issue repeated news releases stating the benefits and solid value of the offer proposal
3. Sit tight and wait for the weeks to go by without any white knight bid and watch MEG price stay stuck near the initial offer price.
4. As the deadline nears, raise the offer bid by 5% and re-iterate the excellent value proposition and the risks to MEG shareholders if the revised offer is rejected
5. Behind the scenes, negotiate another 5% bump up to obtaini the buy-in of MEG BOD
6. MEG caves in and the BOD issues a recommenation to accept the new offer of $12 (or maybe $12.50)
7. Shareholders vote and ultimately accept the sweetened offer, knowing that the alternative is the share price crshes back into the mid single digits (assuming the WCS-WTI differential is still running well above 30).