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Husky gets regulatory approvals for takeover bid for MEG Energy

Husky Energy Inc. obtained all required regulatory approvals for its offer to acquire the oil sands producer MEG Energy Corp. through a deal worth C$6.4 billion.

Husky's offer was granted approval under the Investment Canada Act, among other regulatory approvals, according to a Dec. 18 news release.

In addition, Husky made changes to terms and conditions related to selling or buying Husky shares in the U.S. related to the merger proposal. The state of California is no longer a restricted state, so MEG shareholders residing in California may choose to receive share consideration under the deal offer. MEG shareholders in the state of New York may also choose to receive share consideration.

MEG shareholders who are non-exempt institutional investors in a restricted state would also no longer be required to receive only cash consideration. The Husky shares the shareholders would have been entitled to receive will be sold through a broker in Canada on the TSX.

Husky's offer is open for acceptance until Jan. 16, 2019. At least 66.67% of MEG shares must be tendered before Husky would take up shares to complete the acquisition.

TD Securities Inc. is acting as soliciting dealer manager, while Goldman Sachs Canada Inc. and TD Securities Inc. are acting as financial advisers.