CALGARY—MEG Energy Corp. shares rose and fell in choppy trading Thursday after it formally rejected a $3.3-billion hostile takeover offer from oilsands rival Husky Energy Inc. The target company said after markets closed Wednesday that the Husky offer is opportunistic and undervalues its assets and prospects, adding it intends to conduct a formal process that could identify a white knight to make a better offer. MEG’s shares rose by as much as 21 cents to $11 in morning trading on the Toronto Stock Exchange before falling back to hover near Wednesday’s close of $10.79. “Nothing in the MEG circular changes the clear and compelling value our offer delivers to MEG shareholders,” he said. Analysts continued to speculate in overnight reports that Husky will have to raise its bid to win over MEG’s management.

Source: thestar October 18, 2018 17:26 UTC