The Financial Post reports in its Friday, July 25, edition that unnamed sources say Cenovus Energy is preparing a bid for MEG Energy, potentially challenging Strathcona Resources' hostile takeover offer. The Post's Meghan Potkins writes that MEG has set a Monday deadline for bids, with the company valued at $6.8-billion. While Cenovus is seeking financing for the bid, its plans remain uncertain. Cenovus previously dismissed acquisition speculation, and MEG declined to comment. A bid from Cenovus would escalate the ongoing battle for control of MEG, which began last May with Strathcona's $6-billion takeover announcement. MEG has called Strathcona's unsolicited bid "inadequate," urging shareholders last June to reject the proposal and launching a strategic review of alternatives, including the invitation of potential rival bids for the company. Earlier this month, Strathcona said in a release that MEG's board has refused to engage. Strathcona's offer remains open until Sept. 15. An RBC analyst said in May that Cenovus would be "the most logical fit" to buy MEG, given that both companies have operations in the same oil sands region in Northeastern Alberta, and could cut costs.