- Investors rushed back into Canadian oil companies today in hopes of picking up the next takeover target following news of Suncor's unsolicited $4.3B bid for Canadian Oil Sands.
- MEG Energy (OTCPK:MEGEF) jumped 22% on speculation it could be the next in line to be taken over, perhaps by Imperial Oil (NYSEMKT:IMO), which has been considered a possible suitor for Canadian Oil Sands.
- Penn West (PWE) also surged 22% as investors "clearly are positioning themselves into the next potential target, and both of them [MEG and PWE] make some sense,” says TriVest's Martin Pelletier. "They both have stretched balance sheets, both have been beaten up in the market, and they are a heck of a lot cheaper than last year.”
- Other oil sands stocks also climbed following the Suncor offer: CVE +3.3%, OTCPK:ATHOF +14.5%, CNQ +8.8%.