Strathcona plans special dividend if takeover fails

A takeover of MEG would be the biggest acquisition yet for Strathcona. — Bloomberg

NEW YORK: Strathcona Resources Ltd plans to issue a special dividend and increase the liquidity of shares traded should the company’s takeover attempt of MEG Energy Corp fall through.

Buying MEG is not “Plan A” for Strathcona, chairman Adam Waterous said Monday about the Canadian oil company’s C$6.6bil hostile takeover attempt of the rival oil sands producer.