Cenovus Energy Inc. has sweetened its offer for MEG Energy Corp. The company said Wednesday MEG shareholders will now have the option to receive $29.50 in cash or 1.240 Cenovus common shares for each MEG share they hold, subject to limits on both. The new offer values the company at about $8.6 billion, up from its earlier offer valued at $7.9 billion. “We received support from the majority of MEG’s shareholders for our transaction. However, many MEG shareholders indicated that they would prefer to receive greater Cenovus share consideration, so that they can more fully participate in the upside of the combined company,” Cenovus chief executive Jon McKenzie said in the press release. Cenovus CEO says he’s ‘closing the door’ on higher bid for MegCenovus unveils $7.9-billion white-knight bid for MEG Energy “We listened to these comments and have changed the consideration under our offer to a maximum of 50 per cent cash and 50 per cent Cenovus shares, while increasing the aggregate purchase price.” The company said the amended agreement represented its “best and final offer for MEG.” With files from Canadian Press More to come …