The MEG board has unanimously recommended shareholders back the Cenovus deal over the Strathcona proposal, which it has said is "fundamentally unattractive." Strathcona has called the Cenovus deal "lopsided" and the MEG board's sale process "broken" for accepting it without meaningfully entertaining the competing Strathcona bid. Strathcona executive chairman Adam Waterous has noted that Cenovus' stock jumped 10 per cent in the days following news of its deal with MEG last month, but typically an acquirer's share price would fall after such an announcement. He said that equates to a $3.9-billion gain in Cenovus' stock market value that MEG shareholders are mostly not able to enjoy, as they would only own four per cent of a post-takeover company. Under the Strathcona deal, MEG shareholders would own 43 per cent of the new entity. The Cenovus offer must be approved by a two-thirds majority vote by MEG shareholders expected to be held on Oct. 9.