MEG Energy transaction recognized as M&A Deal of the Year at the Canadian Law Awards

The MEG Energy transaction involving Strathcona Resources’ hostile takeover bid and Cenovus Energy’s acquisition of MEG Energy was named M&A Deal of the Year at the Canadian Law Awards. BD&P served as lead counsel to MEG Energy Corp. on this landmark, highly contested matter.

BD&P advised MEG on its response to Strathcona Resources Ltd.’s unsolicited bid and on the successful completion of MEG’s acquisition by Cenovus Energy Inc. The transaction was recognized for its complexity and strategic significance, including the successful resolution of the bid process and the delivery of enhanced value to MEG shareholders.

BD&P was also named Regional Law Firm of the Year – Western Canada, underscoring the firm’s leadership in high‑stakes energy and M&A matters.

The Deal

BD&P acted as legal advisor to MEG Energy Corp in connection with its response to Strathcona Resources’ $7.2 billion unsolicited bid and the $8.6 billion cash and share acquisition of MEG by Cenovus Energy Inc., a landmark transaction that brought together two major Canadian producers and marked a significant shift in Canada’s upstream energy landscape.

• The hostile bid by Strathcona was initially valued at $6.0 billion and later increased to $7.2 billion
• The Cenovus transaction was revised multiple times, ultimately reaching a value of $8.6 billion
• The competing transactions played out over six months and involved daily coordination among boards, special committees, management, legal teams, and multiple financial, communications, and proxy advisors

Why this Deal Stood Out

The MEG transaction required legal strategy under constant pressure in a highly public and contested environment.

Key challenges included:

• Navigating a hostile takeover alongside a parallel negotiated transaction
• Implementing rarely used and novel legal techniques, including a standstill waiver, demand to vote rights under the ABCA, and a related asset transaction to secure shareholder support
• Responding to securities regulator inquiries and defending claims challenging transaction fairness
• Securing shareholder approval despite institutional opposition, share turnover after the record date, and a competing bidder’s toehold position
• Coordinating court, regulatory, disclosure, and proxy strategies in real time

The transaction spanned Canada and the United States and required integrated advice across virtually every major legal discipline, including M&A, securities, litigation, regulatory, tax, oil and gas, banking, project finance, employment, IP, and privacy.

BD&P Deal Team

The transaction was executed by a large, integrated BD&P team, drawing on deep expertise across M&A, securities, litigation, regulatory, and energy.

Lead partner

• Grant Zawalsky

Other team members

• Bronwyn Inkster
• Kelsey Clark
• Alicia Quesnel
• Andrew Sunter
• Paul Chiswell
• Heather DiGregorio
• Katherine Pybus
• Prateek Gupta
• Katy Josephs
• Karen McPeak
• Tyler Engelking
• Tristan Bray
• Kassandra Kennedy

At the Centre of Canadian Energy M&A

This recognition reflects more than a single transaction. It speaks to BD&P’s role at the centre of Canada’s energy M&A market, advising boards and management teams on the deals reshaping the sector.

With the MEG Energy transaction named M&A Deal of the Year and BD&P named Regional Law Firm of the Year – Western Canada, these honours highlight BD&P’s depth across disciplines and its ability to deliver coordinated, practical advice on complex, consequential transactions.

We are grateful to our clients for trusting us with their most complex and important matters, and for the opportunity to do the work that led to this recognition.

Read the Canadian Law Awards rankings here.