Husky Energy Inc. () announced early Thursday morning it will walk away from its hostile takeover bid for MEG Energy Corp.
Husky said its offer has officially expired because the minimum tender threshold wasn’t achieved before a 5 p.m. ET deadline on Wednesday.
It also cited “several negative surprises” since its offer was launched, notably the Alberta government’s decision to mandate oil production cuts and a lack of “meaningful progress” advancing pipeline projects.
“Given the outcome of the tender process, Husky will continue to focus on capital discipline and the delivery of the five-year plan we set out at our Investor Day in May 2018,” Husky CEO Rob Peabody said in a release.