Latest news with #EngineCapital
CTV News
25-06-2025
- Business
- CTV News
Parkland shareholders approve Sunoco takeover, management board slate
A boat travels past the Parkland Burnaby Refinery on Burrard Inlet at sunset in Burnaby, B.C., on Saturday, April 17, 2021. (THE CANADIAN PRESS/Darryl Dyck) Fuel refiner and retailer Parkland Corp. says shareholders have voted in favour of its planned takeover by U.S. company Sunoco LP. At a special meeting, shareholders also voted in support of the director nominees that Parkland's management put forward, drawing an end to a bitter proxy fight with an activist investor seeking a board overhaul. Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries and a refinery in Burnaby, B.C. More than 93 per cent of shareholders cast their ballots in support of the US$9.1-billion cash-and-stock friendly offer from Sunoco announced last month. Members of Parkland management's director slate got varying levels of support, most garnering around two-thirds in favour. Caribbean-based Simpson Oil, which owns 20 per cent of Parkland's shares, had been pushing for sweeping changes at the Calgary-based company, but ultimately decided to back the Sunoco deal in the hopes it would address its 'lamentable performance.' Engine Capital, another activist shareholder with a 2.5 per cent stake, said it wouldn't support the Sunoco deal as it stands because the deal was rushed, the price was too low and there were likely other options available. The deal is still awaiting approval under the Investment Canada Act, which considers foreign investments in Canadian businesses, and approval to list shares of the combined company on the New York Stock Exchange. This report by The Canadian Press was first published June 24, 2025.\ Lauren Krugel, The Canadian Press
Reuters
24-06-2025
- Business
- Reuters
Parkland shareholders vote for $9.1 billion acquisition by Sunoco
June 24 (Reuters) - Parkland Corp ( opens new tab shareholders on Tuesday voted in favor of a $9.1 billion deal to be acquired by U.S.-based Sunoco (SUN.N), opens new tab. The company said 93.46% votes were for the deal, which will create America's largest independent fuel distributor. Sunoco in May agreed to buy Parkland in a cash and stock deal, which included debt. Sunoco had said each Parkland share will be exchanged for C$19.80 in cash and 0.295 Sunoco unit. The Canadian firm had undertaken a strategic review in March following persistent pressure from two of its largest shareholders Simpson Oil, which holds a nearly 20% stake, and activist investor Engine Capital. Sunoco will also be acquiring Parkland's 55,000-barrel-per-day Burnaby refinery, which produces 25% of the transportation fuel used in Canada's westernmost province of British Columbia. The transaction is expected to close in the second half of the year.
CTV News
16-06-2025
- Business
- CTV News
Proxy advisory firms ISS and Glass Lewis back Sunoco offer for Parkland
A boat travels past the Parkland Burnaby Refinery on Burrard Inlet at sunset in Burnaby, B.C., on Saturday, April 17, 2021. THE CANADIAN PRESS/Darryl Dyck CALGARY — Parkland Corp. says a pair of proxy advisory services are recommending shareholders vote in favour of a planned takeover by U.S. company Sunoco LP. The company says Institutional Shareholder Services Inc. and Glass, Lewis & Co. are both endorsing the bid. Sunoco has signed an agreement to buy Parkland in a cash-and-stock deal valued at US$9.1 billion, including assumed debt. Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries and a refinery in Burnaby, B.C. Parkland's biggest shareholder Simpson Oil, which holds an almost 20 per cent stake, has said it plans to vote in favour of the offer, however, New York-based Engine Capital, which owns 2.5 per cent of Parkland's shares, has said it won't support the deal as it stands. The shareholder vote is set for June 24. --- This report by The Canadian Press was first published June 16, 2025.
Toronto Star
06-06-2025
- Business
- Toronto Star
Activist investor Engine Capital plans to vote against US$9.1B Parkland-Sunoco deal
CALGARY - A major shareholder in fuel refiner and retailer Parkland Corp. says it plans to vote against its planned takeover by U.S. heavyweight Sunoco LP. Engine Capital owns 2.5 per cent of Parkland's shares, making it one of the Calgary-based company's biggest investors.
CTV News
06-06-2025
- Business
- CTV News
Activist investor Engine Capital plans to vote against US$9.1B Parkland-Sunoco deal
A Pioneer gas station is shown in Carleton Place, Ont., on Saturday, Nov. 8, 2008. THE CANADIAN PRESS/Sean Kilpatrick CALGARY — A major shareholder in fuel refiner and retailer Parkland Corp. says it plans to vote against its planned takeover by U.S. heavyweight Sunoco LP. Engine Capital owns 2.5 per cent of Parkland's shares, making it one of the Calgary-based company's biggest investors. In a letter to Parkland's board of directors, Engine's leadership argues the Sunoco deal was rushed, the price is too low and that there are likely better options available. A month ago, Parkland and Sunoco announced a friendly cash-and-stock takeover deal valued at US$9.1 billion including debt Shareholders are to vote on the transaction at a meeting set for June 24 in Calgary. Engine says it has nothing against Sunoco and would happy to become a long-term investor in that company — but only if its offer is rejigged to better reflect Parkland's value. This report by The Canadian Press was first published June 6, 2025. Lauren Krugel, The Canadian Press
