Engine Capital LP, a subsidiary of the American Engine Capital Management, LLC, as a shareholder of the Canadian Parkland Corp. I intend to vote against the acquisition of Parkland assets by one of the largest gas station operators in the United States, Sunoco LP. This is reported in a press release from Engine Capital.
From the point of view of Engine Capital, which owns 2.5% of Parkland shares, the proposed deal worth $9.1 billion does not reflect the real price of Parkland and is incorrect against the background of more profitable offers.
Engine Capital, L.P. is a subsidiary of the American investment company Engine Capital Managers, headquartered in New York (USA).
Parkland is a Canadian energy and retail company in the gas station network management sector under the brands Pioneer, Columbia Fuels, Ultramar, Chevron and Fas Gas Plus. The company owns the brand rights to convenience stores in Canada and the United States, as well as the franchise of the fast food chain White Spot Triple O's in Alberta (British Columbia, Canada). Parkland owns a refinery in Burnaby, Canada. The headquarters is located in Calgary (Canada) with 4 thousand branches in Canada, the USA and the Caribbean region.
Sunoco LP is an American energy infrastructure and motor fuel distribution company in the United States. The company includes three divisions — fuel distribution, pipeline system maintenance, and refinery management. The headquarters is located in Dallas, Texas.
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