MEG Energy rises as Strathcona backs Cenovus's sweetened C$30-a-share bid

Shares of Canada-based MEG Energy MEG.TO gains 4.3% to C$30.09

Cenovus Energy CVE.TO says it has further sweetened its bid for MEG, winning long-sought backing from MEG's largest shareholder, Strathcona Resources SCR.TO

Its current bid stands at C$30 per share, up from last month's sweetened offer of C$29.79

Shareholder vote on the transaction is expected to be on October 30

Separately, Jefferies raises MEG's price target to C$30 from C$24

Including session's moves, MEG shares up 27.3% YTD