Proxy advisory firms ISS and Glass Lewis back Sunoco offer for Parkland

Published: 2025-06-16 10:59:07 ET PKI.TO

Published on 06/16/2025 at 10:59, updated on 06/16/2025 at 11:00

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.

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