Husky Energy Inc. (HSE.TO) announced early on Thursday morning that he would leave his hostile takeover bid for MEG Energy Corp. (MEG.TO).
Husky said his offer had officially expired because the minimum bid was not reached before 17:00. Deadline for ET on Wednesday.
He also cited "more negative surprises" since launching his offer, particularly the Alberta government's decision to impose reductions in oil production and the lack of pipeline projects that have progressed significantly.
"In the light of the outcome of the bidding process, Husky will continue to focus on capital discipline and delivering the five-year plan we set out at Investor's Day in May 2018," said Rob Peabody, Husky CEO.