Latest news with #Sunoco
Cision Canada
6 hours ago
- Business
- Cision Canada
SIMPSON OIL ANNOUNCES ITS SUPPORT FOR THE SUNOCO-PARKLAND TRANSACTION
GRAND CAYMAN, Cayman Islands, June 6, 2025 /CNW/ - Simpson Oil Limited ("Simpson Oil"), the largest shareholder of Parkland Corporation ("Parkland"), holding 19.8% of Parkland's outstanding common shares, announced today that it is supportive of, and intends to vote all of its common shares in favor of, the proposed transaction involving Parkland and Sunoco LP ("Sunoco"). As a long-term shareholder since 2017, Simpson Oil has been an advocate for the significant opportunities available to Parkland with a clear strategic direction overseen by capable leadership free of conflicts and self-interest. A combination with Sunoco will allow Parkland to benefit from operating under a first-class management team with a proven track record of value creation. This should address the lamentable governance and performance issues which have plagued Parkland for years. Parkland's shareholders have the ability to participate in a combined Sunoco-Parkland entity via SunocoCorp units. Simpson Oil believes the proposed transaction is a favourable outcome for Parkland investors. Legal disclaimers: The information contained in this press release does not and is not intended to constitute a solicitation of a proxy within the meaning of applicable corporate and securities laws. Simpson Oil is not making any recommendation to Parkland shareholders regarding the proposed transaction, including whether any shareholder should vote in favor of the proposed transaction. About Simpson Oil: Simpson Oil is a subsidiary of The Simpson Group, a privately-owned, Cayman Islands-based investment company with diverse holdings in the energy, water, and real estate sectors. Simpson Oil controls or beneficially owns 34,444,050 common shares in the capital of Parkland. Simpson Oil's head office address is 94 Solaris Avenue - 2nd Floor, PO Box 30745, Camana Bay, Grand Cayman, KY1-1203, Cayman Islands.
CTV News
9 hours ago
- 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
Yahoo
10 hours ago
- Business
- Yahoo
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. 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. Companies in this story: (TSX:PKI) Lauren Krugel, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Winnipeg Free Press
10 hours ago
- Business
- Winnipeg Free Press
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. 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. Monday Mornings The latest local business news and a lookahead to the coming week. This report by The Canadian Press was first published June 6, 2025. Companies in this story: (TSX:PKI)
Bloomberg
10 hours ago
- Automotive
- Bloomberg
Parkland Investor Engine Capital to Vote Against Sunoco Takeover
Engine Capital LP told the board of Canadian fuel distributor Parkland Corp. it plans to vote against the company's $9.1 billion takeover by Sunoco LP, calling the sale process expedited and flawed. Engine, which says it owns about 2.5% of Parkland, said Friday in a letter to the board that the deal announced last month materially undervalues Parkland and that there are better alternatives.
