The Globe and Mail reports in its Wednesday edition that Strathcona Resources' $5.9-billion unsolicited takeover bid for MEG Energy could just be the opening ante in a series of higher offers for the last of Canada's large pure-play oil sands producers. The Globe's Jeffrey Jones and Emma Graney write that a successful deal would make the suitor Canada's fifth-largest oil producer at around 219,000 barrels a day. Analysts suggest there could be higher offers in the cards for MEG, which has yet to give a formal response to the bid. Travis Wood, an analyst at National Bank Financial, said he believes Strathcona's offer of $23.27 in cash and stock for each MEG share is low, arguing a bid for the company should reflect a takeover price of $24 to $26 a share, based on 2026 financial estimates. An offer based on longer-range estimates and potential savings could lift that price tag to $28 to $29.50 a share, but that cuts down the list of potential suitors, Mr. Wood wrote in a research report. Canadian Natural Resources tops Mr. Wood's list, based on the likelihood of large costs savings stemming from the company's acquisition several years ago of the Canadian assets of Devon Energy, which are close to MEG's operations.