(Reuters) -Canadian oil and gas producer Strathcona Resources raised its all-share offer for MEG Energy on Monday, seeking to outbid Cenovus Energy.
Strathcona said its revised offer values MEG at C$30.86 per share, compared with Cenovus’ valuation of C$27.79 in the cash-and-stock agreement announced in August.
Strathcona, backed by private equity firm Waterous Energy Fund, has spent recent weeks boosting its stake in MEG.
As of last week, it owns or controls about 14.2% of MEG’s outstanding shares, strengthening its position as a significant minority investor.
($1 = 1.3815 Canadian dollars)
(Reporting by Arunima Kumar and Rishabh Jaiswal in Bengaluru; Editing by Mrigank Dhaniwala and Krishna Chandra Eluri)