Husky ends hostile takeover bid of MEG Energy

Husky Energy Inc said on Thursday it will not extend its hostile bid for MEG Energy  after failing to get sufficient support from the rival oil producer’s board and shareholders.

Husky’s $3.3 billion offer in September to buy MEG for $11 in cash per share or 0.485 of a Husky share, expired at 5 p.m. E.T. on Wednesday.

Husky was expecting to secure over 50 per cent support from MEG’s shareholders for the offer, people familiar with the situation told Reuters on Wednesday.

“Given the outcome of the tender process, Husky will continue to focus on capital discipline and the delivery of the five-year plan,” Husky Chief Executive Officer Rob Peabody said in a statement.

MEG did not immediately respond to a request for comment.

(Reuters)