Overview

• ISS acknowledged the takeover process was accelerated and risked undervaluing Parkland but ultimately deemed the deal the best path forward for shareholders
• Glass Lewis found evidence that Parkland’s board negotiated terms aligned with shareholder interests rather than self-preservation
• Simpson Oil, which holds nearly 20 percent of Parkland shares, has pledged to back the offer while Engine Capital, with a 2.5 percent stake, remains opposed
• The agreement combines cash and Sunoco stock, includes Parkland’s assumed debt and stipulates that Calgary headquarters will stay in place with added investment in the Burnaby refinery
• Shareholder approval is required on June 24 and the transaction awaits final clearance from Canadian regulators following a national security review under the Investment Canada Act