Connecting decision makers to a dynamic network of information Bloomberg quickly and accurately delivers business and financial information offering a premium for a Canadian fuel distributor that’s in the midst of a leadership upheaval and a fight with its largest shareholder Sunoco, one of the biggest US gas station operators, will pay C$44 per Parkland share through a mix of cash and stock in a newly created public company called SUNCorp LLC, according to a statementBloomberg Terminal Monday Please enable JS and disable any ad blocker Sunoco LP announced Monday that it plans to buy Parkland Corp two months after Parkland announced a strategic review of its business The transaction has been unanimously approved by Parkland’s board of directors though it awaits shareholder and court green lights The deal is expected to close during the second half of the year Dallas-based Sunoco sold 204 c-stores to 7-Eleven Inc. in January 2024 including Stripes convenience stores and Laredo Taco Company restaurants That left Sunoco with 75 company-owned retail stores including 54 Aloha Island Mart c-stores in Hawaii Parkland shareholders are scheduled to vote on the transaction during their annual general meeting on June 24 a meeting that had originally been scheduled for Tuesday the combined company said it intends to reinvest in the U.S. “This strategic combination is a compelling outcome for Parkland shareholders,” Parkland Executive Chairman Michael Jennings said in a statement “The Board unanimously recommends the proposed transaction recognizing Sunoco’s commitment to safeguarding Canadian jobs retaining the Calgary head office and further investing in Canada This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas.” Parkland has faced pressure from Simpson Oil Ltd. Espy announced last month that he would leave the company after 14 years at its helm but said he would stay on until a new CEO is named Simpson Oil holds 19.8% of Parkland’s shares and has said the company is in desperate need of a refresh Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here Get today’s need-to-know convenience industry intelligence Sign up to receive texts from CSP on news and insights that matter to your brand Features include helping maximize and forecast sales operational strain and program cannibalization are all concerns says Richard Poye of Food Trends Think Tank Modern oral nicotine pouches continue to stand out as a key driver for 'other tobacco product' segment CSP’s Top 202 details the largest chains in the convenience-store industry and the biggest M&A stories of the past year Welcome to a deep dive into the c-store landscape The industry’s largest distributors by sales volume The latest information on products and trends in the convenience-store and foodservice industries Peek inside new convenience stores to uncover the best in retail store design across North America Corporate retail news affecting the convenience-store industry Do not sell my personal info Privacy Policy Code of Conduct Contact Us RSS CALGARY, AB, May 5, 2025 /PRNewswire/ - Sunoco LP (NYSE: SUN) ("Sunoco" or the "Partnership") and Parkland Corporation (TSX: PKI) ("Parkland") announced today that they have entered into a definitive agreement whereby Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately U.S.$9.1 billion including assumed debt (the "Transaction") "This strategic combination is a compelling outcome for Parkland shareholders," said Michael Jennings "The Board unanimously recommends the proposed transaction recognizing Sunoco's commitment to safeguarding Canadian jobs This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas." "Today marks a significant milestone," said Bob Espey "This transaction delivers immediate value for shareholders making our combined business stronger and better positioned for sustained success." Continued Commitment to Canada and Responsible Stewardship Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 for each Parkland share implying a 25 per cent premium based on the 7-day VWAP's of both Parkland and Sunoco as of May 2 to receive C$44.00 per Parkland share in cash or 0.536 SUNCorp units for each Parkland share subject to proration to ensure that the aggregate consideration payable in connection with the transaction does not exceed C$19.80 in cash per Parkland share outstanding as of immediately before closing and 0.295 SUNCorp units per Parkland share outstanding as of immediately before close For a period of two years following closing of the transaction Sunoco will ensure that SUNCorp unitholders will receive the same dividend equivalent as the distribution to Sunoco unitholders The proposed Transaction will be effected pursuant to a plan of arrangement under the Business Corporations Act (Alberta) which is required to be approved by an Alberta court The Transaction will require approval by 66 2/3 per cent of the votes cast by the shareholders of Parkland The agreement also contains an option whereby Sunoco at its election any time before the Meeting (defined below) may elect to effect and complete the Transaction on the same terms by way of a take-over bid which would require support from Parkland shareholders owning at least 50 per cent of Parkland's outstanding shares The directors and senior officers of Parkland collectively holding 0.7 per cent of the Parkland shares have entered into customary voting support agreements pursuant to which they have committed to vote their common shares held in favour of the Transaction In addition to shareholder and court approvals the Transaction is subject to applicable regulatory approvals including approvals under the Investment Canada Act approval of the listing of the SUNCorp shares to be issued under the Transaction on the NYSE and the satisfaction of certain other closing conditions customary for a transaction of this nature Subject to the satisfaction of such conditions the Transaction is expected to close in the second half of 2025 The agreement includes customary deal protections and the right to match any superior proposals subject to Parkland paying a break fee in the amount of $275 million in certain circumstances Full details of the Transaction will be included in the Parkland management information circular Parkland announced that its Board of Directors had initiated a review of strategic alternatives aimed at identifying opportunities to maximize value for all shareholders A special committee of independent directors (the "Special Committee") was appointed to oversee and lead this comprehensive review discussions with Sunoco intensified significantly Based on the unanimous recommendation of Parkland's Special Committee and following thorough consultation with its financial and legal advisors Parkland's Board of Directors has unanimously approved the Transaction The Board strongly recommends that shareholders vote in favour of the Transaction and BofA Securities have each provided opinions to the Parkland Board of Directors and BMO Capital Markets has provided an opinion to the Parkland Special Committee and based upon and subject to the assumptions limitations and qualifications stated in each such opinion at the option of each Parkland shareholder either (i) an amount in cash equal to the quotient obtained by dividing C$19.80 by 45% (ii) the number of common units representing limited liability company interests in SUNCorp equal to the quotient obtained by dividing 0.295 by 55% or (iii) a combination of C$19.80 in cash and 0.295 common units representing limited liability company interests in SUNCorp is fair to the shareholders of Parkland (other than Sunoco and its affiliates) The full text of each such fairness opinion matters considered and limitations on the review undertaken in connection with each such opinion will be included in the Parkland management information circular or BMO Capital Markets express an opinion or recommendation as to how any Parkland shareholder should vote or act in connection with the Transaction or any other matter Parkland intends to hold a special meeting of Parkland shareholders on June 24 The annual general meeting of Parkland shareholders has been cancelled and will instead be held on June 24 2025 concurrent with the special meeting (the annual and special meeting of Parkland Shareholders is referred to as the "Meeting") allowing Parkland's shareholders adequate time to fully evaluate the Transaction and its benefits Shareholders as of the record date of May 23 2025 will be eligible to vote at the Meeting In addition to the business of the Meeting already described in Parkland's management information circular dated April 7 Parkland will file a new 2025 management information circular which will also contain information about the Transaction The current directors have agreed to stand for election at the upcoming Meeting in order to consummate the Transaction These directors have agreed to stand down in favour of any alternative slate if the Transaction is not supported and BofA Securities served as financial advisors to Parkland BMO Capital Markets acted as financial advisor to Parkland's Special Committee Norton Rose Fulbright Canada LLP acted as Parkland's legal advisor Torys LLP acted as legal advisor to Parkland's Special Committee Barclays and RBC Capital Markets served as the exclusive financial advisors to Sunoco Barclays and RBC Capital Markets provided committed financing and Vinson & Elkins LLP acted as Sunoco's legal advisors. Parkland is a leading international fuel distributor and convenience retailer with safe and reliable operations in twenty-six countries across the Americas and convenience needs of everyday consumers Our commercial operations provide businesses with fuel to operate complete projects and better serve their customers In addition to meeting our customers' needs for essential fuels Parkland provides a range of choices to help them lower their environmental impact including manufacturing and blending renewable fuels a variety of solutions for carbon credits and renewables With approximately 4,000 retail and commercial locations across Canada and trading capabilities to accelerate growth and business performance Our strategy is focused on two interconnected pillars: our Customer Advantage and our Supply Advantage we aim to be the first choice of our customers through our proprietary brands Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate and deep supply and logistics capabilities Our business is underpinned by our people and our values of safety which are embedded across our organization Certain statements contained herein constitute forward-looking information and statements (collectively "would" and similar expressions are intended to identify forward-looking statements this news release contains forward-looking statements with respect to among other things: expected benefits from the Transaction including but not limited to financial benefits for shareholders and increased cash flow generation for reinvestment and distribution growth; Sunoco acquiring all outstanding shares of Parkland in the Transaction and the United States in support of both existing and new opportunities; the anticipated timing for closing of the Transaction; the anticipated timing for holding of the special meeting of Parkland shareholders; the filing of Parkland's new 2025 management information circular including information about the Transaction; the effect and completion of the plan of arrangement; the expectation that the current directors of Parkland will stand down in favour of any alternative slate at the upcoming AGM if the Transaction is not supported; and the timing of the joint conference call of Sunoco LP and Parkland The forward-looking statements contained herein are expressly qualified by this cautionary statement Parkland Corporation ("Parkland" o "la Empresa") (TSX: PKI) comentó hoy el informe1 emitido por Institutional Shareholder Services Inc ISS has determined that Simpson does not meet the control threshold ISS questions Simpson's proposed strategy and CEO candidate Parkland's Executive.. Retail Environmental Products & Services Gas Oil & Energy Do not sell or share my personal information: Reporting by Amanda Stephenson in Calgary and Arunima Kumar in Bengaluru; Editing by Richard Chang and Marguerita Choy Our Standards: The Thomson Reuters Trust Principles., opens new tab , opens new tab Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. , opens new tabScreen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. © 2025 Reuters. All rights reserved An Ultramar gas station and On the Run store in Mississauga Sunoco has made a $7.7-billion bid for Parkland which owns more than 4,000 gas stations under the Esso Pioneer and Ultramar brands.Fred Lum/the Globe and Mail Dallas-based Sunoco LP SUN-N has made a friendly takeover bid for Parkland Corp. PKI-T worth $7.7-billion potentially ending the Calgary-based fuel distributor’s boardroom battle with its largest shareholder Sunoco offered $44 per Parkland share in a combination of its own shares and cash in an early Monday bid to create one of North America’s largest gas station and convenience store operators Analysts said the takeover is likely to succeed resolving a two-year dispute between Parkland and Simpson Oil Ltd. Cayman Islands-based Simpson Oil is attempting to improve Parkland’s financial performance by replacing the majority of its directors and its chief executive officer Simpson Oil said it had won shareholder support for its plan to name nine of 13 directors to Parkland‘s board at an annual meeting scheduled for Tuesday Parkland moved its meeting to June 24 and included a vote on the Sunoco offer the Court of King’s Bench of Alberta denied Simpson Oil’s request to hold the meeting on Tuesday Simpson Oil declined comment on the Sunoco offer Parkland owns more than 4,000 gas stations under the Esso and the On the Run convenience store chain The company also runs a refinery in Burnaby that supplies fuel to the province’s lower mainland Sunoco owns 7,400 gas stations and a 22,500 kilometre pipeline network “This strategic combination is a compelling outcome for Parkland shareholders,” Michael Jennings “The board unanimously recommends the proposed transaction Activist Simpson Oil poised to win Parkland boardroom battle Parkland turned down a takeover bid from Sunoco that valued the company at $45 per share according to analysts and reports in The Globe and Mail Sunoco said buying Parkland will boost its distributable cash flow per unit by 10 per cent and the company expects US$250-million cost savings from combining its businesses within three years of closing the transaction bringing the total value of the transaction to US$9.1-billion “Our initial thought is that competing bids will be few and far between,” analyst Ben Isaacson at Bank of Nova Scotia said in a report on Monday we haven’t seen any other interested parties in Parkland’s unique portfolio of energy infrastructure assets (either separately or combined).” He added: “We think investors will jump at the 25 per cent premium on a stock that has been stuck in the mud on investor fatigue for quite some time.” Parkland and Sunoco structured the takeover with a wrinkle meant to allow the deal to close even if Simpson Oil votes against the transaction The acquisition is structured as a plan of arrangement requiring approval from 66.6 per cent of votes cast by Parkland shareholders Sunoco negotiated the right to switch the offer into a takeover bid which only needs support from 50 per cent of all outstanding Parkland shares The Parkland acquisition will also require approval from the federal government at a time when relations between the U.S and Canada are in a deep freeze owing to President Donald Trump’s imposition of tariffs Ottawa pledged to heighten reviews of deals deemed predatory owing to any decline in value of the Canadian target that derives from U.S The entrepreneur is former vice-chair for the Trump Victory Committee He also previously served as finance chair of the Republican National Committee Sunoco is offering Parkland shareholders US$3-billion of units in a newly created New York Stock Exchange-listed company called SUNCorp and US$2.6-billion of cash Parkland agreed to pay a $275-million break fee to Sunoco if the deal fails to close “Given the appropriate return compensation $275mm break fee and strategic combination to create a leader in global fuel distribution we expect shareholders will support the transaction,” analyst Nate Heywood at ATB Capital Markets said in a report Parkland’s share price rose 5.5 per cent to close at $38.28 on the Toronto Stock Exchange Sunoco’s share price fell 5.8 per cent on the NYSE Investment banks Barclays and RBC Capital Markets advised Sunoco and provided the debt financing and Vinson & Elkins LLP acted as Sunoco’s legal advisers Parkland’s board formed a special committee to deal with the takeover Law firm Norton Rose Fulbright Canada LLP acted as Parkland’s legal adviser Torys LLP acted as legal adviser to Parkland’s special committee 2025) The photo caption was updated to provide more detailed information about Parkland Report an editorial error Report a technical issue Editorial code of conduct Study and track financial data on any traded entity: click to open the full quote page Authors and topics you follow will be added to your personal news feed in Following Andrew Willis is a business columnist for the Report on Business Working in business communications and journalism for three decades from 2010 to 2016 he was senior vice-president of communications for Brookfield Asset Management a leading global alternative asset management company Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter Welcome to The Globe and Mail’s comment community This is a space where subscribers can engage with each other and Globe staff We aim to create a safe and valuable space for discussion and debate If you do not see your comment posted immediately it is being reviewed by the moderation team and may appear shortly We aim to have all comments reviewed in a timely manner Comments that violate our community guidelines will not be posted UPDATED: Read our community guidelines here We have closed comments on this story for legal reasons or for abuse. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions DALLAS, May 5, 2025 /CNW/ -- Sunoco LP (NYSE: SUN) ("Sunoco" or the "Partnership") and Parkland Corporation (TSX: PKI) ("Parkland") announced today that the parties have entered into a definitive agreement whereby Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately $9.1 billion Sunoco intends to form a new publicly-traded Delaware limited liability company named SUNCorp SUNCorp will hold limited partnership units of Sunoco that are economically equivalent to Sunoco's publicly-traded common units on the basis of one Sunoco common unit for each outstanding SUNCorp unit. This new publicly-traded entity will be treated as a corporation for tax purposes Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 for each Parkland share implying a 25% premium based on the 7-day VWAP's of both Parkland and Sunoco as of May 2 to receive C$44.00 per Parkland share in cash or 0.536 SUNCorp units for each Parkland share subject to proration to ensure that the aggregate consideration payable in connection with the transaction does not exceed C$19.80 in cash per Parkland share outstanding as of immediately before close and 0.295 SUNCorp units per Parkland share outstanding as of immediately before close Sunoco has secured a $2.65 billion 364-day bridge term loan for the proposed cash consideration The transaction has been unanimously approved by the board of directors of both companies and is expected to close in the second half of 2025 upon the satisfaction of closing conditions including approval by Parkland's shareholders and customary regulatory and stock exchange listing approvals Benefits to Canada and Responsible Stewardship and Vinson & Elkins LLP acted as Sunoco's legal advisors Torys LLP acted as legal advisor to Parkland's Special Committee. Sunoco LP (NYSE: SUN) is a leading energy infrastructure and fuel distribution master limited partnership operating in over 40 U.S The Partnership's midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 100 terminals This critical infrastructure complements the Partnership's fuel distribution operations which serve approximately 7,400 Sunoco and partner branded locations and additional independent dealers and commercial customers SUN's general partner is owned by Energy Transfer LP (NYSE: ET) This communication contains "forward-looking statements" within the meaning of the federal securities laws including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 forward-looking statements often address future business and financial events words such as "believe," "expect," "may," "will," "should," "could," "would," "anticipate," "estimate," "intend," "plan," "seek," "see," "target" or similar expressions but not all forward-looking statements include such words Forward-looking statements by their nature address matters that are such as statements about the consummation of the proposed transaction and the anticipated benefits thereof All such forward-looking statements are based upon current plans expectations and ambitions that are subject to risks many of which are beyond the control of Sunoco LP ("Sunoco" or "SUN") and Parkland Corporation ("Parkland") that could cause actual results to differ materially from those expressed in such forward-looking statements Important risk factors that may cause such a difference include but are not limited to: the completion of the proposed transaction on anticipated terms and timing the creation of SUNCorp and approval of the listing of the SUNCorp units on the New York Stock Exchange and receipt of Parkland shareholder approval; and the anticipated tax treatment business and management strategies for the management expansion and growth of the combined company's operations including the possibility that any of the anticipated benefits of the proposed transaction will not be realized or will not be realized within the expected time period; the ability of Sunoco and Parkland to integrate the business successfully and to achieve anticipated synergies and value creation; potential litigation relating to the proposed transaction that could be instituted against Sunoco Parkland or their directors; the risk that disruptions from the proposed transaction will harm Sunoco's or Parkland's business including current plans and operations and that management's time and attention will be diverted on transaction-related issues; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; rating agency actions and Sunoco and Parkland's ability to access short-and long-term debt markets on a timely and affordable basis; potential business uncertainty costs and expenses and the possibility that the transaction may be more expensive to complete than anticipated; those risks described in Item 1A of Sunoco's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 14 Those disclosures are incorporated by reference in this communication While the list of factors presented here is considered representative no such list should be considered to be a complete statement of all potential risks and uncertainties Unlisted factors may present significant additional obstacles to the realization of forward-looking statements Readers are cautioned not to place undue reliance on this forward-looking information which is as of the date of this communication Sunoco and Parkland do not intend to update these statements unless required by the securities laws to do so and Sunoco and Parkland undertake no obligation to publicly release the result of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this communication Additional Information and Where to Find It Additional information about Parkland can be found under its corporate profile on SEDAR at www.sedar.com, on its website at www.parkland.ca This communication is for informational purposes only and is not intended to constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval solicitation or sale of securities in any jurisdiction in which such offer solicitation or sale would be in contravention of applicable law No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933 or prior to registration or qualification under applicable securities laws. The information contained in this communication is available on our website at www.sunocolp.com [email protected] [email protected] [email protected] [email protected] and convenience retailer with safe and reliable operations in 26 countries across the Americas Our retail network meets the fuel and convenience needs of everyday consumers You are using an outdated browser. Please upgrade your browser or activate Google Chrome Frame to improve your experience Weil is advising Sunoco LP in its definitive agreement with Parkland Corporation whereby Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately $9.1 billion The transaction is expected to close in the second half of 2025 The latest views and developments from Weil Purchase the Latest NACS State of the Industry Report® The convenience and fuel retailing industry’s premier benchmarking tool and the most comprehensive collection of data and trends Discover what’s next and how to get there faster The inaugural NACS Loss Prevention and Safety Symposium is the industry’s only and fully dedicated event designed exclusively for convenience retailers wholesalers and suppliers who are seeking the latest insights tools and resources that can help them proactively prepare for and mitigate risks The 2025 NACS Food Safety Forum will take place April 8 in conjunction with the NACS State of the Industry Summit and quality assurance professionals at the only industry-specific food safety event for the convenience retail community attendees will be networking with industry experts attending thought-provoking and empowering education sessions and exploring a show floor with the latest merchandise for convenience and fuel retailing technologies and best practices shaping the future of convenience retail in Europe and around the globe Don’t Forget to Renew Your Membership The transaction costs approximately $9.1 billion Sunoco LP (“Sunoco”) and Parkland Corporation (“Parkland”) announced today that “they have entered into a definitive agreement whereby Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately USD $9.1 billion “This strategic combination is a compelling outcome for Parkland shareholders,” said Michael Jennings “The Board unanimously recommends the proposed transaction recognizing Sunoco’s commitment to safeguarding Canadian jobs This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas.” The deal is “a move the companies said would create the largest independent fuel distributor in the Americas. The deal follows Parkland's strategic review, initiated in March, following persistent pressure from Simpson Oil, Parkland’s largest shareholder with a nearly 20% stake, and supported by activist investor Engine Capital,” reported Reuters The deal is expected to close in the second half of 2025 and generate more than $250 million in run-rate synergies by the third year Sunoco will keep investing in Parkland’s Burnaby Refinery and run it for the long term to supply fuel to the Lower Mainland region in Canada In March, Parkland Corporation released its financial and operating results for the fourth quarter and year end 2024, and said its Board of Directors had “initiated a review of strategic alternatives to identify opportunities to maximize value for all shareholders.” In September 2024, Parkland announced that it was initiating a process to divest its Florida-based retail and commercial businesses Parkland’s Florida business contained approximately 100 retail locations nine cardlock facilities and four bulk storage plants and warehouses Angela Hanson is Senior Editor of Convenience Store News. She joined the brand in 2011. Angela spearheads most of CSNews’ industry awards programs and authors numerous special reports. In 2016, she took over the foodservice beat, a critical category for the c-store industry. The deal has been unanimously approved by the board of directors for both Sunoco and Parkland, the companies announced. It is expected to close during the second half of 2025 upon the satisfaction of closing conditions, including approval by Parkland's shareholders and customary regulatory and stock exchange listing approvals. "This strategic combination is a compelling outcome for Parkland shareholders," said Michael Jennings, executive chairman of Parkland. "The board unanimously recommends the proposed transaction, recognizing Sunoco's commitment to safeguarding Canadian jobs, retaining the Calgary head office, and further investing in Canada. This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas." As part of the transaction, Sunoco plans to form a new publicly traded Delaware limited liability company named SUNCorp LLC. The new entity will hold limited partnership units of Sunoco that are economically equivalent to Sunoco's publicly traded common units on the basis of one Sunoco common unit for each outstanding SUNCorp unit, the company said. "Today marks a significant milestone," said Bob Espey, president and CEO of Parkland. "This transaction delivers immediate value for shareholders, including an attractive 25% premium. Sunoco shares our commitment to growth, customer service, operational excellence and ongoing investment in Canada, making our combined business stronger and better positioned for sustained success." The companies cited compelling financial benefits, strong industrial logic in the form of complementary assets that enable advantaged fuel supply and diversification of Sunoco's portfolio and footprint, and accelerated accretive growth that will increase cash flow generation for reinvestment and distribution as strategic rationale for the deal. Post-acquisition, Sunoco intends to maintain a Canadian headquarters and Calgary, as well as significant employment levels in Canada; will continue to invest in Parkland's Burnaby Refinery; will continue to support Parkland's plan to expand its Canadian transportation energy infrastructure; and will use its expanded free cash flow to provide additional resources for reinvestment in Canada, the Caribbean and the United States in support of both existing and new opportunities. Following the acquisition announcement, Parkland pushed its scheduled 2025 Annual General Meeting to June 24, delaying a shareholder vote on its board of directors. Shareholders will instead vote on both the board of directors and the Sunoco deal during the rescheduled meeting. Simpson Oil Ltd., Parkland's largest shareholder and frequent critic, announced it has applied to the Alberta Court of King's Bench seeking a court order to conduct the meeting as originally scheduled. According to Simpson, shareholders' loss of faith in current directors means a board transition is imminent, and no material action should be taken until new, shareholder-supported directors are in place. "Delaying the meeting and pushing forward with any transaction ahead of board transition represents a clear breach of fiduciary duty — an obvious attempt to cling to power and sidestep shareholder will," Simpson said in a released statement. Calgary-based Parkland Corp. is an independent supplier and marketer of fuel and petroleum products and a convenience store operator. Parkland currently services customers across Canada, the United States, the Caribbean region and the Americas through three channels: retail, commercial and wholesale. Headquartered in Dallas, Sunoco is an energy infrastructure and fuel distribution master limited partnership operating in more than 40 U.S. States, Puerto Rico, Europe and Mexico. Join the conversation You can save this article by registering for free here. Or sign-in if you have an account in its last-minute decision to delay its shareholder meeting by more than a month so investors can vote on a US$9.1-billion takeover by Sunoco LP at the same time they elect a board of directors Subscribe now to read the latest news in your city and across Canada Create an account or sign in to continue with your reading experience Article contentA showdown had been set to take place in Calgary on Tuesday with shareholders voting on competing nominee slates put forward by Parkland’s management and by Simpson Oil which owns just under 20 per cent of the Canadian fuel retailer and refiner’s shares But Parkland postponed the meeting to June 24 when shareholders are to also vote on the cash-and-stock deal with Dallas-based Sunoco that would create the largest independent fuel distributor in the Americas Your weekday lunchtime roundup of curated links By signing up you consent to receive the above newsletter from Postmedia Network Inc The next issue of Noon News Roundup will soon be in your inbox Interested in more newsletters? Simpson applied to the Alberta Court of King’s Bench for an order to have the Tuesday meeting go ahead, calling the Parkland move “deplorable” and an attempt to “cling to power.” Mah says Simpson will have ample opportunity express its views and that shareholders should have full information about the Sunoco deal before they vote on it Cayman Islands-based Simpson lambasted Parkland for the vote delay and called on 11 incumbent Parkland directors to resign “Delaying the meeting and pushing forward with any transaction ahead of board transition represents a clear breach of fiduciary duty — an obvious attempt to cling to power and sidestep shareholder will,” Simpson said in a statement Monday The takeover requires shareholder and regulatory approval and also has to be cleared under the Investment Canada Act company has committed to maintain a Canadian headquarters in Calgary significant employment in Canada and investment in Parkland’s refinery in Burnaby Chevron and Pioneer gas station chains as well as several other brands in 26 countries Sunoco outlets that had long operated in Canada were rebranded in 2009 under the Petro-Canada banner On a conference call, an analyst asked Sunoco CEO Joe Kim about potential issues with large Parkland shareholders, but did not name Simpson specifically. “For the Parkland shareholders, you get a very, very healthy premium, material cash and a stronger company underlying the equity going forward,” Kim replied. “So we think this is an offer that’s going to be hard for people to pass up.” “If this deal is rejected, we may be looking at the company being sold in parts as its unclear who else would be interested in (Parkland’s) full mix of assets,” analysts with TD Cowen said in a report. ATB Financial said in a report: “Given the appropriate return compensation, $275-million break fee and strategic combination to create a leader in global fuel distribution, we expect shareholders will support the transaction.” Parkland and Simpson have been at odds over the fuel refiner and retailer’s performance and governance for at least a year. Under shareholder pressure, Parkland said in March it would review options to boost its share price, including a sale of the entire company, after rebuffing such a move. Simpson has criticized Parkland for rejecting a potential acquisition at a “material premium” in 2023. The Globe and Mail has reported it was from Sunoco and worth $45 a share. Sunoco intends to form a new publicly traded company named SUNCorp LLC that will hold limited partnership units of Sunoco that are economically equivalent to Sunoco’s publicly traded common units. Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 for each Parkland share. Parkland shareholders can also receive C$44 per Parkland share in cash or 0.536 SUNCorp units for each Parkland share. The deal would also see Sunoco assume Parkland’s debt. Parkland shares rose more than 5.5 per cent to C$38.28 on Monday. In early 2019, Parkland closed a deal to buy a 75 per cent stake in Simpson subsidiary Sol, the largest independent fuel marketer in the Caribbean, for $1.6 billion. Sol got a 10 per cent stake in Parkland. Parkland gained full ownership of Sol in 2022 and Simpson doubled its stake. At the time, the founder of Simpson, Kyffin Simpson, had glowing words for Parkland and Espey. “We have tremendous confidence in the company, its management team and its bright future,” he said in August 2022. Three years later, Simpson says on its Refuel Parkland website that the elements that first attracted it to the partnership have been “mismanaged out of existence.” transmission or republication strictly prohibited This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy You can manage saved articles in your account The deal is a “compelling outcome” for Parkland’s shareholders who are set to vote on the company’s future next month after years of demands for change which the boards of directors from both companies unanimously approved comes just a day before Parkland’s annual shareholder meeting during which Parkland was expected to battle for its future Simpson, Parkland’s largest shareholder, launched a takeover bid of the company’s board in early April after accusing the retailer of long-term underperformance since early 2023 Its proposed changes included adding nine new faces to Parkland’s board and replacing President and CEO Bob Espey As of Friday, Simpson claimed that over 60% of Parkland’s shares supported its goal Canadian retail analyst Bruce Winder said in an interview with C-Store Dive that if Simpson won the shareholder vote a sale of Parklands assets was the most likely outcome As part of the deal — expected to close in the second half of 2025 — Sunoco will form a new publicly traded company named SUNCorp and will retain headquarters in Parkland’s home base of Calgary Espey, who recently announced his resignation called the deal a “significant milestone.” making our combined business stronger and better positioned for sustained success,” Espey said Sunoco said on Monday that it was drawn to Parkland’s complementary fuel supply assets Sunoco said it will continue to support Parkland’s plan to expand its Canadian transportation energy infrastructure “This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas,” Jennings said Get the free daily newsletter read by industry experts Luke and Rochelle Davis became guarantors of a Mountain Express-leased c-store in late 2020 and their relationship with Rochelle’s mother — the store’s owner — is broken sweeteners and other flavor options can elevate an already stellar coffee program — but only if it’s done right Want to share a company announcement with your peers The free newsletter covering the top industry headlines in a cash and equity deal valued at about $9.1 billion The deal would create the largest independent fuel distributor in the Americas with over 15 billion gal/year distributed the companies said in a shared investor presentation May 5. the companies pointed to the complementary asset base that "enables advantaged fuel supply and further diversifies Sunoco's portfolio and geographic footprint." Sunoco plans to maintain a Canadian headquarters in Calgary and "significant" employment levels in Canada The company also is also "committed to continuing to invest in Parkland’s [Burnaby] refinery healthy and growing operations for the long-term," it said noting the refinery will continue to operate and supply fuel within the Lower Mainland 55,000-b/d refinery on Burrard Inlet in North Burnaby provides 25% of British Columbia's transportation fuel (gasoline and diesel). Sunoco also said it will continue to "support Parkland's plan to expand its Canadian transportation energy infrastructure." The deal has been unanimously approved by the board of directors of both companies and is expected to close in this year’s second half upon the satisfaction of closing conditions Sunoco is an energy infrastructure and fuel distribution master limited partnership operating in over 40 US states Its midstream operations include a network of about 14,000 miles of pipeline and over 100 terminals Sunoco’s general partner is owned by Energy Transfer LP. Parkland is an international fuel distributor and convenience retailer with operations in 26 countries across the Americas. This subscription does not include access to ft.com or the FT App Essential digital access to quality FT journalism on any device Complete digital access to quality FT journalism with expert analysis from industry leaders Terms & Conditions apply Discover all the plans currently available in your country See why over a million readers pay to read the Financial Times and that sends Parkland shares surging upward Remember back in March, when Canadian oil stock Parkland (TSE:PKI) started up a “strategic review” of its options? Well, it seems to have found one strategic option that worked great: a complete sell-off. Now, Sunoco (SUN) is Parkland’s new owner as investors added over 6% to Parkland shares in Monday morning’s trading The deal features Sunoco buying Parkland for around $9.1 billion This would ultimately make the combined entity the “largest independent fuel distributor in the Americas.” Parkland shareholders would come out quite a ways ahead here and 0.295 Sunoco shares for every share of Parkland besides This is not the first time Sunoco has made a big deal But Sunoco made the deal for a sound enough reason reports note; the transaction is expected to up Sunoco’s cash flow by over 10% and get Sunoco back to targeted debt levels in somewhere between 12 and 18 months The deal should close in the second half of 2025 and offer up $250 million in cost savings annually by the end of the third year Simpson has been one of the biggest activist investors pushing Parkland’s direction though Engine Capital reportedly also had a hand in moving the needle on that one reports noted that Simpson Oil had largely won a boardroom battle at Parkland with Tuesday’s annual meeting likely to see a slate of its own members added to Parkland’s board Though with Sunoco buying the place outright just how much impact the Parkland board will even have remains to be seen depending on the terms of the agreement with Sunoco Turning to Wall Street, analysts have a Strong Buy consensus rating on Parkland stock based on seven Buys assigned in the past three months, as indicated by the graphic below. After a 1.13% loss in its share price over the past year, the average PKI price target of C$46.57 per share implies 20.59% upside potential See more TSE:PKI analyst ratings Disclosure Disclaimer & Disclosure Report an Issue Remember back in March, when Canadian oil stock Parkland (TSE:PKI) started up a “strategic review” of its options? Well, it seems to have found one strategic option that worked great: a complete sell-off. Now, Sunoco (SUN) is Parkland’s new owner Turning to Wall Street, analysts have a Strong Buy consensus rating on Parkland stock based on seven Buys assigned in the past three months, as indicated by the graphic below. After a 1.13% loss in its share price over the past year, the average PKI price target of C$46.57 per share implies 20.59% upside potential See more TSE:PKI analyst ratings Disclosure Disclaimer & Disclosure Report an Issue (P&GJ) — Sunoco LP will buy Canada-based Parkland in a deal valued at about $9.1 billion in a move the companies said would create the largest independent fuel distributor in the Americas The companies announced the agreement on May 2 stating that Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction a new publicly traded Delaware limited liability company that will hold limited partnership units economically equivalent to Sunoco’s common units will maintain equivalent dividends for two years following closing Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 per share reflecting a 25% premium over the companies’ recent share prices Shareholders may alternatively elect to receive C$44.00 per share in cash or 0.536 SUNCorp units Sunoco has secured a $2.65 billion bridge loan to fund the transaction which is expected to close in the second half of 2025 following shareholder and regulatory approvals “This acquisition enables advantaged fuel supply and accelerates growth,” the company said in a statement Sunoco expects the deal to deliver $250 million in synergies within three years Sunoco also pledged to maintain Parkland’s Canadian operations, including its Calgary headquarters and the Burnaby refinery. The company said it will continue to invest in Parkland’s Canadian transportation energy infrastructure and support low-carbon fuel production. The acquisition will also expand investment opportunities in Canada, the Caribbean and the United States, the company added. Thanks for submitting a comment! One of our administrators will review your comment before posting it onto the website. Free NewsletterUK Join the newsletter that everyone in finance secretly reads Sunoco is set to shake up the fuel distribution scene with a $9.1 billion deal to acquire Parkland positioning SUNCorp as the top independent distributor across the Americas This strategic move aims to crown the new entity as a leader in independent fuel distribution Anticipated operational synergies of $250 million by the third year and a projected over 10% growth in distributable cash flow per unit highlight the deal's potential it awaits crucial shareholder and regulatory approvals by June 24 For markets: Fueling up on new opportunities This acquisition could transform the fuel distribution landscape enhancing SUNCorp's market influence and profitability Investors may keep an eye on share price movements amid expectations for operational synergies and immediate cash flow growth following the deal The bigger picture: Revving towards transcontinental dominance The Sunoco-Parkland merger highlights a trend of consolidation in the energy sector, aiming to boost scale and efficiency in North America. With plans to expand Canadian energy infrastructure and sustain local jobs, SUNCorp’s focus on growth and integration may impact regional development and energy supply stability. 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So Here’s How To Invest In Cybersecurity.Theodora Lee Joseph, CFA Apple And Amazon’s Results Were Sturdy, But Their Future Looks A Little Less So Theodora Lee Joseph, CFA Disclaimer: These articles are provided for information purposes only an opinion about whether to buy or sell a specific investment may be provided The content is not intended to be a personal recommendation to buy or sell any financial instrument or product or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience your financial situation or your investment objectives You may not get back all the money that you invest The investments referred to in this article may not be suitable for all investors an investor should seek advice from a qualified investment advisor This article is based on reporting by MT Newswires This article may contain AI-edited content While efforts have been made to ensure accuracy AI may not capture the nuances of the subject matter resulting in errors or inconsistencies energy company Sunoco LP has signed an agreement to buy Parkland Corp in a cash-and-stock deal valued at US$9.1 billion The deal comes as Calgary-based Parkland faces an attempt by Simpson Oil Ltd. to replace a majority of its board of directors Parkland cancelled its annual meeting set for Tuesday and rescheduled it to June 24 when shareholders will also be asked to approve the Sunoco deal Under the terms of the agreement, Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 for each Parkland share. Parkland shareholders may also elect to receive C$44 per Parkland share in cash or 0.536 SUNCorp units for each Parkland share Parkland has about 4,000 locations around the globe This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas." "Today marks a significant milestone," said Bob Espey making our combined business stronger and better positioned for sustained success." In a conference call with the business press Espey said the coming together of the two companies “delivers compelling financial benefits that we are confident will maximize the value for Parkland shareholders.” “It optimizes for stability and creates the largest independent fuel distributor in the Americas and positions shareholders to benefit from future growth through increased cashflow and for reinvestment in the Canadian business.” Espey added that Sunoco has said it will continue to invest across the business and in Canada “an understanding of our country’s economic priorities and their respect for our company’s heritage and commitment to our local communities.” president and chief executive officer with Sunoco at the same conference call said he believes the combination of Parkland and Sunoco “not only creates great opportunities for our collective employees more compelling investment case for current Parkland shareholders and future Sunoco stakeholders.” strong financially and better positioned for growth.” “You have a lot of larger box stores that have grown in size and that could bring with it additional competition in this space and with it additional mergers and acquisitions in the future as [convenience operations] look to compete with these larger players,” De Haan told Convenience Store News Canada + OCTANE. Espey announced that we was stepping down as as president and chief executive officer or Parkland but said he would stay on with the company until the appointment of a new CEO or the completion of the strategic review Parkland had begun earlier to decide upon the fate and direction of the company. The strategic review aimed to identify opportunities to maximize shareholder value by evaluating the current business strategy and optimization opportunities while also considering alternatives including asset divestments transformative business combinations and a possible sale of the Parkland. the deal is subject to regulatory approvals including approval under the Investment Canada Act Sunoco has committed to maintain a Canadian headquarters in Calgary and significant employment levels in Canada. It has also committed to continuing to invest in Parkland's refinery in Burnaby READ: Parkland’s Bob Espey stepping down as president, CEO According to Parkland the benefit of this deal is that is offers both companies complementary assets that will enhance fuel supply and further diversifies Sunoco’s portfolio and geographic footprint and increases cash flow for reinvestment and distribution growth. Sunoco will also continue to support Parkland’s plan to expand its Canadian transportation energy infrastructure and the combined company’s expanded cash flow will provide additional resources for reinvestment in Canada and the United States in support of both existing and new opportunities - With additional files from Parkland Corporation and reporting from Convenience Store News Canada Sign In Register CALGARY — A judge has sided with Parkland Corp A showdown had been set to take place in Calgary on Tuesday with shareholders voting on competing nominee slates put forward by Parkland's management and by Simpson Oil which owns just under 20 per cent of the Canadian fuel retailer and refiner's shares Simpson applied to the Alberta Court of King's Bench for an order to have the Tuesday meeting go ahead calling the Parkland move "deplorable" and an attempt to "cling to power." Justice Douglas Mah says in a decision late Monday that any order to reinstate the meeting would be "impractical and confusing" to shareholders and the market "Delaying the meeting and pushing forward with any transaction ahead of board transition represents a clear breach of fiduciary duty — an obvious attempt to cling to power and sidestep shareholder will," Simpson said in a statement Monday significant employment in Canada and investment in Parkland's refinery in Burnaby "This combination with Sunoco provides Parkland's shareholders with the highest value and the greatest proceeds while also affirming Sunoco's and Parkland commitment to Canada a country that has played a vital role in our combined history," said Parkland chief executive Bob Espey who announced last month that he would step down before year-end an analyst asked Sunoco CEO Joe Kim about potential issues with large Parkland shareholders material cash and a stronger company underlying the equity going forward," Kim replied "So we think this is an offer that's going to be hard for people to pass up." we may be looking at the company being sold in parts as its unclear who else would be interested in (Parkland's) full mix of assets," analysts with TD Cowen said in a report ATB Financial said in a report: "Given the appropriate return compensation $275-million break fee and strategic combination to create a leader in global fuel distribution we expect shareholders will support the transaction." Parkland and Simpson have been at odds over the fuel refiner and retailer's performance and governance for at least a year Parkland said in March it would review options to boost its share price Simpson has criticized Parkland for rejecting a potential acquisition at a "material premium" in 2023 The Globe and Mail has reported it was from Sunoco and worth $45 a share Sunoco intends to form a new publicly traded company named SUNCorp LLC that will hold limited partnership units of Sunoco that are economically equivalent to Sunoco's publicly traded common units Parkland shareholders can also receive C$44 per Parkland share in cash or 0.536 SUNCorp units for each Parkland share The deal would also see Sunoco assume Parkland's debt Parkland shares rose more than 5.5 per cent to C$38.28 on Monday Parkland closed a deal to buy a 75 per cent stake in Simpson subsidiary Sol the largest independent fuel marketer in the Caribbean Parkland gained full ownership of Sol in 2022 and Simpson doubled its stake "We have tremendous confidence in the company its management team and its bright future,” he said in August 2022 Simpson says on its Refuel Parkland website that the elements that first attracted it to the partnership have been "mismanaged out of existence." This report by The Canadian Press was first published May 5 PARKLAND – A 31-year-old man was arrested last week after another customer discovered that he had hidden his cellphone in the bathroom of a local coffee shop in Parkland in order to film people who were using the restroom Leer en español According to an arrest report from the Broward Sheriff’s Office which redacted the name and address of the business Deputies said an anonymous customer left a note in the coffee shop that was folded in half and read “management” on the outside “There is a man here in a gray T-shirt and glasses,” the note read “On the back of the T-shirt the word ‘maintenance’ is written on it He puts his phone in the toiletries drawer and records anyone using the restroom please send staff to check the first bin throughout his visit.” an employee at the coffee shop identified the suspect Deputies said the employee checked the bathroom on April 22 after Turk returned to the business and he discovered Turk’s phone in the bottom cabinet The employee took a photo of Turk’s phone and sent it to his boss another employee then went into the unisex bathroom and stayed there until deputies arrived so Turk wouldn’t be able to recover his phone and leave The report states that Turk waived his Miranda rights and told a deputy at the business that he purposely left his phone inside the bathroom because he “could not help himself.” Turk confessed to placing his phone in a basket inside the restroom and watching the feed from his Apple watch He claimed that he’s done this three times at the business Turk admitted to storing the videos in a hidden file on his phone and admitted to being investigated for a similar incident that occurred in 2022 was arrested last Friday on a video voyeurism charge He appeared in bond court Saturday where his parents told a judge that he is autistic The judge ordered that Turk stay with his parents as he awaits trial and he must adhere to his medication schedule Copyright 2025 by WPLG Local10.com - All rights reserved Amanda Batchelor is the Digital Executive Producer for Local10.com TV Listings Email Newsletters RSS Feeds Closed Captioning / Audio Description Contact Us Careers at WPLG Terms of Use Privacy Policy Public File FCC Applications EEO Report Do Not Sell My Info 1.0 Host Exhibit Copyright © 2025 Local10.com is published by WPLG INC. and receive alerts when they’re in the news Proactive financial news and online broadcast teams provide fast informative and actionable business and finance news content to a global investment audience All our content is produced independently by our experienced and qualified teams of news journalists Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London We are experts in medium and small-cap markets we also keep our community up to date with blue-chip companies commodities and broader investment stories This is content that excites and engages motivated private investors The team delivers news and unique insights across the market including but not confined to: biotech and pharma crypto and emerging digital and EV technologies Proactive has always been a forward looking and enthusiastic technology adopter Our human content creators are equipped with many decades of valuable expertise and experience The team also has access to and use technologies to assist and enhance workflows Proactive will on occasion use automation and software tools all content published by Proactive is edited and authored by humans in line with best practice in regard to content production and search engine optimisation Sunoco LP (NYSE: SUN) said on Monday it will acquire Parkland Corp (TSX: PKI) in a cash-and-equity transaction valued at $9.1 billion a new publicly traded entity that will hold limited partnership units of Sunoco Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 in cash per share Sunoco has secured a $2.65 billion bridge loan to finance the cash portion of the transaction Both companies’ boards have approved the deal which is expected to close in the second half of 2025 pending Parkland shareholder approval and regulatory clearances The acquisition will be immediately accretive to Sunoco’s distributable cash flow per unit with over 10% accretion and $250 million in annual synergies expected by Year 3 Sunoco aims to return to its long-term leverage target of 4x within 12-18 months post-close The deal will also maintain Sunoco’s Canadian operations and investment in Parkland’s Burnaby refinery Sunoco said it plans to support Parkland’s Canadian transportation energy infrastructure expansion and reinvesting in Canada Shares of Sunoco fell 5.9% in New York Monday morning while Parkland shares gained 7.5% in Toronto Sign up to receive alerts and news direct to your inbox Medicus Pharma CEO Dr Raza Bokhari joined Steve Darling from Proactive to announce a major strategic move: the company has entered into a binding letter of agreement to acquire Antev Ltd. a next-generation GnRH antagonist aimed at.. All Rights Reserved - Proactive North America Inc. Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use Parkland Corp.’s biggest shareholder is going to court after the company announced a US$9.1-billion takeover by Sunoco LP and delayed a meeting where it was to face investors pushing for a boardroom overhaul with shareholders voting on competing director nominee slates put forward by Parkland’s management and by Simpson Oil which owns just under 20 per cent of the Canadian fuel retailer and refiner’s shares “Delaying the meeting and pushing forward with any transaction ahead of board transition represents a clear breach of fiduciary duty — an obvious attempt to cling to power and sidestep shareholder will,” Simpson said in a statement Monday Parkland and Cayman Islands-based Simpson have been at odds over the fuel refiner and retailer’s performance and governance for at least a year Parkland’s annual meeting has been rescheduled to June 24 when shareholders will vote on the cash-and-stock deal with Dallas-based Sunoco that would create the largest independent fuel distributor in the Americas Simpson says it has applied to the Alberta Court of King’s Bench to hold the annual meeting as planned calling the delay a “deplorable tactic.” The dissident shareholder called on all 11 incumbent Parkland directors to resign The deal between Parkland and Sunoco announced Monday requires shareholder and regulatory approval and also has to be cleared under the Investment Canada Act significant employment in Canada and investment in Parkland’s refinery in Burnaby “This combination with Sunoco provides Parkland’s shareholders with the highest value and the greatest proceeds while also affirming Sunoco’s and Parkland commitment to Canada a country that has played a vital role in our combined history,” said outgoing Parkland chief executive Bob Espey material cash and a stronger company underlying the equity going forward,” Kim replied “So we think this is an offer that’s going to be hard for people to pass up.” an action it had earlier said was unnecessary Simpson has criticized Parkland for rejecting a potential acquisition at a “material premium” in 2023 Sunoco intends to form a new publicly traded company named SUNCorp LLC that will hold limited partnership units of Sunoco that are economically equivalent to Sunoco’s publicly traded common units Parkland shareholders may also elect to receive C$44 per Parkland share in cash or 0.536 SUNCorp units for each Parkland share The deal will also see Sunoco assume Parkland’s debt Parkland shares closed at C$36.28 on the Toronto Stock Exchange on Friday Its shares rose more than seven per cent to C$39.86 in late-morning trading Parkland and Simpson’s relationship dates back to 2017 Parkland closed a deal to buy a 75 per cent stake in Sol for $1.6 billion Parkland gained full ownership of Sol in 2022 and Simpson upped its stake in Parkland to about 20 per cent “We have tremendous confidence in the company its management team and its bright future,” he said in August 2022 Simpson says on its Refuel Parkland website that the elements that first attracted it to the partnership have been “mismanaged out of existence.” Premier Danielle Smith says she will address Albertans Monday on a "path forward with the federal government" after a meeting with her caucus Calgary police have laid charges in the stabbing death of a young man outside a downtown bar last month A condo complex in Calgary's Beltline community is increasingly concerned with the increasing number of calls they are making to emergency services Rayn Rashid speaks with the condo board president A major gap in sports field space is being tackled in Calgary’s NW with the launch of Rocky Ridge Athletic Park The $25m project brings more room to play for growing communities On the same day as the Alberta Rally for Independence Alberta Premier Danielle Smith appeared on her radio show is facing numerous charges after fleeing a traffic stop and crashing into a house in Calgary’s Radisson area late Friday night The annual Calgary Bike Swap filled downtown Calgary with bike buzz on Saturday listen to NewsRadio Calgary live anytime and get up-to-the-minute breaking-news alerts weather and video from CityNews Calgary anywhere you are – across all Android and iOS devices The OpenSunoco plans to acquire Parkland for US$9.1BRebecca Teltscher, portfolio manager at Newhaven Asset Management, shares her analysis of the news of Sunoco acquiring Parkland in US$9.1B deal. Sunoco LP SUN shares are trading lower on Monday after the company agreed to acquire Parkland Corporation PKIUF in a deal valued at approximately $9.1 billion The transaction, announced Monday, involves a mix of cash and equity and will create a new entity calledSunoco LP SUN shares are trading lower on Monday after the company agreed to acquire Parkland Corporation PKIUF in a deal valued at approximately $9.1 billion Parkland operates as a major fuel distributor and convenience retailer across 26 countries in the Americas it serves both consumers and businesses with fuel and energy solutions Parkland investors will receive C$19.80 in cash and 0.295 SUNCorp units for each share they own shareholders can choose between C$44.00 in cash or 0.536 SUNCorp units though the final allocation will be adjusted to ensure the total deal value aligns with the originally announced limits To fund the transaction's cash portion Sunoco has secured a $2.65 billion bridge loan with a 364-day term Also Read: Shell Q1 Profit Jumps 52%, Launches $3.5 Billion Stock Buyback The boards of both companies have unanimously approved the transaction which is expected to close in the latter half of 2025 pending regulatory clearance and shareholder approval Sunoco projects the acquisition will deliver over 10% accretion to distributable cash flow per unit and produce $250 million in annual synergies within three years The combined company expects increased free cash flow enabling further reinvestment across the U.S. The company also expects to return to its target leverage ratio of 4x within 12 to 18 months after the deal closes. Sunoco held $181.8 million in cash and equivalents as of March 30. SUNCorp will become a publicly traded Delaware-based LLC and hold units equivalent in value to Sunoco's current common units. For two years following the deal's closure, holders of SUNCorp units will receive dividend equivalents matching Sunoco's distributions. The deal includes assurances from Sunoco to preserve and enhance Parkland's operations in Canada. The Calgary-based headquarters will remain, with a major part of the local employment maintained. Sunoco also pledged continued investment in Parkland's Burnaby Refinery, which produces low-carbon fuels, and support for expanding Canadian energy infrastructure. Price Action: SUN shares traded lower by 1.62% at $57.00 in premarket at last check Monday. Overview SUNSunoco LP$55.83-3.64%This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors Benzinga does not provide investment advice free reports and breaking news that affects the stocks you care about and trade ideas delivered to your inbox every weekday before and after the market closes Monday - Friday 9am-12pm / 2pm-6pm GMT + 1 All financial news and data tailored to specific country editions Toronto Stocks Edge Lower; Parkland Shares Jump on $9.1 Billion Takeover Deal from Sunoco TSX Closer: The Market Rises for a Fourth Day But Rosenberg Research Sees Index "At Risk of Further Weakness" Mostly cloudy with a few scattered showers lingering overnight Francis Anonia's attorney Richard Coble said the Lehigh County District Attorney's Office offered the plea deal Parkland High School's former performing arts director who is accused of videotaping a student in a changing room The DA's office also confirmed the rejection of the deal Coble tells 69 News the prosecution just released discovery evidence over the last week in Anonia's case He says even though they turned down this initial offer Coble says they will be ready to go to trial in early September Anonia is charged with having inappropriate contact with an underaged male who performed in a high school musical he directed in 2022 He's also accused of possessing several video files on his phone Those videos were allegedly recorded in a Parkland High School boy's changing room in 2021 He's the former chorus teacher and Director of Visual and Performing Arts at Parkland High School Email notifications are only sent once a day Your browser is out of date and potentially vulnerable to security risks.We recommend switching to one of the following browsers: Get up-to-the-minute news sent straight to your device Home » Health » Health Equity » Communities of Focus » Community of Focus: Parkland You are the experts in your community. What matters to you may make a difference in your community’s health. Communities of Focus is Tacoma-Pierce County Health Department’s effort to improve health in areas with some of the poorest health outcomes in the county. Parkland is one of six Communities of Focus. About 34,000 people live in the Parkland zip code 98444 They are younger and more racially diverse than Pierce County The area grew quickly in the 1880s when the railroad and streetcar reached Parkland and in the mid-1970s with the sanitary sewer system Many are working together to make Parkland a great place Franklin Pierce Youth First is a coalition of more than 40 organizations Who do you think we should work with? Heart disease is worse in the Parkland area than in our county or state physical activity and tobacco use affect heart disease Fewer people in Parkland have a high school diploma Some people are concerned about affordable housing and neighborhood safety Together we can make Parkland a better place to live! Email us at healthequity@tpchd.org * Pierce County Parkland-Spanaway-Midland Communities Plan (253) 649-1500 (800) 330-1844TDD (253) 649-1400 Tacoma-Pierce CountyHealth Department3629 S. D St.Tacoma, WA 98418-6813 Open 8 a.m.–4:30 p.m., Monday–Friday, except holidays.Some programs and services havedifferent hours of operation. About us Contact us Jobs Board of Health Accessibility Sitemap Parkland County is under a Fire Ban. No outdoor fires are permitted until further notice including wood burning recreational fire pits Gas and propane appliances such as barbecues stoves and fire bowls/tables are allowed as well as Wood Pellet BBQ All fire permits are suspended or cancelled Visit our fire hazard level page to learn more General Office: 780-968-8888 Toll Free: 1-888-880-0858 After hours: 780-968-8400 By GHD Digital It appears you are trying to access this site using an outdated browser parts of the site may not function properly for you We recommend updating your browser to its most recent version at your earliest convenience Announces Decision to Step DownMichael Jennings Appointed as Executive ChairProvides Preliminary Q1 2025 Results Amidst Macroeconomic and Regulatory Volatility 2025 /PRNewswire/ - Parkland Corporation ("Parkland" or the "Company") today announced key management and business updates Bob Espey has informed the Board of Directors that he will step down as President and Chief Executive Officer of Parkland I would like to thank Bob for his vision and leadership over the last fifteen years as President & CEO," said Michael Jennings "Bob has led Parkland through a period of exponential growth transforming the Company from a small regional fuel retailer into one of Canada's leading fuel and convenience retailers with international operations in twenty-six countries We thank him for his unwavering commitment and dedication." "Serving as Parkland's CEO has been the opportunity of a lifetime I want to thank the entire Parkland team — past and present — for their incredible dedication and drive I am proud of what we have built together," said Mr it became clear that stepping down and announcing my departure may help bring resolution to the situation with Simpson Oil Limited and benefit all shareholders I remain deeply committed to Parkland and will support a smooth transition to new leadership I look forward to working closely with Michael in his new role as Executive Chair." The Board of Directors has formed a CEO search committee (the "Search Committee") comprised of independent directors to oversee an extensive executive search process to select a qualified candidate to replace Mr Espey's deep understanding of Parkland's operations will provide continuity during the search process He will stay on until the appointment of a new CEO Michael Jennings is appointed Executive Chair In addition to providing continued leadership to the Board Jennings will remain focused on the governance and delivery of a disciplined strategic review process which is being led by a Special Committee of experienced directors supported by Goldman Sachs Canada and BofA Securities The strategic review aims to identify opportunities to maximize shareholder value by evaluating the current business strategy and optimization opportunities transformative business combinations and a sale of the Company In line with best corporate governance practices James Neate is appointed Lead Independent Director of the Board Parkland has a diversified and resilient business Its base business is well positioned and retains significant operational flexibility to navigate macroeconomic uncertainty on the horizon which is impacting fuel demand and unit margins Recent regulatory developments in Canada and the United States have created volatility and intensified market disruptions These are curtailing the profitability and movement of refined products into the United States and creating structural shifts in climate and carbon compliance programs Parkland expects to deliver Adjusted EBITDA of approximately $375 million The 2025 Adjusted EBITDA guidance of $1.8 billion to $2.1 billion was purposefully broad to reflect the potential impact of ongoing macroeconomic volatility Parkland now expects results to be toward the lower end of that range Parkland will release its first quarter 2025 results after market close on May 5 The Annual General Meeting of Shareholders will be held at 9:00 a.m The financial information contained in this release is preliminary and subject to change based on completion of the Company's quarter-end financial close process and final accounting review 1 These positions are held within our integrated Canadian logistics business which is reported within the Canada segment "pursue" and similar expressions are intended to identify forward-looking statements among other things: the expected first quarter 2025 consolidated Adjusted EBITDA of Parkland and the expected first quarter 2025 Adjusted EBITDA of each operating segment (each calculated consistently as set out in section 16.A of the management's discussion and analysis for the quarter ended December 31 and note 26(a) to the consolidated financial statements for the year ended December 31 2025); Parkland's expectation of being within the lower end of the 2025 Adjusted EBITDA Guidance range of $1.8 to $2.1 billion; and Mr Espey remaining President and CEO until the earlier of an appointment of a new CEO The forward-looking statements contained in this news release are expressly qualified by this cautionary statement Parkland Corporation ("Parkland" today announced its full financial and operating results for the three.. 2025 /PRNewswire/ - Parkland Corporation ("Parkland" Utilities Hispanic CALGARY — A judge has sided with Parkland Corp with shareholders voting on competing nominee slates put forward by Parkland's management and by Simpson Oil which owns just under 20 per cent of the Canadian fuel retailer and refiner's shares Simpson applied to the Alberta Court of King's Bench for an order to have the Tuesday meeting go ahead calling the Parkland move "deplorable" and an attempt to "cling to power." Justice Douglas Mah says in a decision late Monday that any order to reinstate the meeting would be "impractical and confusing" to shareholders and the market "Delaying the meeting and pushing forward with any transaction ahead of board transition represents a clear breach of fiduciary duty — an obvious attempt to cling to power and sidestep shareholder will," Simpson said in a statement Monday significant employment in Canada and investment in Parkland's refinery in Burnaby "This combination with Sunoco provides Parkland's shareholders with the highest value and the greatest proceeds while also affirming Sunoco's and Parkland commitment to Canada a country that has played a vital role in our combined history," said Parkland chief executive Bob Espey material cash and a stronger company underlying the equity going forward," Kim replied "So we think this is an offer that's going to be hard for people to pass up." we may be looking at the company being sold in parts as its unclear who else would be interested in (Parkland's) full mix of assets," analysts with TD Cowen said in a report ATB Financial said in a report: "Given the appropriate return compensation we expect shareholders will support the transaction." Parkland and Simpson have been at odds over the fuel refiner and retailer's performance and governance for at least a year Simpson has criticized Parkland for rejecting a potential acquisition at a "material premium" in 2023 Sunoco intends to form a new publicly traded company named SUNCorp LLC that will hold limited partnership units of Sunoco that are economically equivalent to Sunoco's publicly traded common units The deal would also see Sunoco assume Parkland's debt "We have tremendous confidence in the company Simpson says on its Refuel Parkland website that the elements that first attracted it to the partnership have been "mismanaged out of existence." Andrea Torres TALLAHASSEE a survivor of the 2018 Valentine’s Day massacre at Marjory Stoneman Douglas High School in Parkland was at Florida State University during the fatal shooting on Thursday Leer en español Shortly before 1:50 p.m., Gallagher reported on X that he was at the FSU Law Library in Tallahassee when he heard an alarm and learned that there was an “active shooter” on campus we need to meet —and something has to change," Gallagher wrote After living through the MSD shooting in 2018 I never thought it would hit close to home again Then I’m in the FSU Law Library and hear on alarm: active shooter on campus we need to meet—and something has to change Witnesses at the FSU Student Union building along West Tennessee Street reported hearing the gunshots before armed police officers responded who was elected Broward County School Board member as she grieved the death of her 14-year-old daughter “It’s horrific; it’s painful,” said Alhadeff was outraged about the MSD graduates who had to relive their trauma when they experienced their second school shooting at FSU “There are kids from my high school ... who were freshmen during the MSD shooting and are now seniors at FSU during this current mass shooting,” Kasky wrote on X an activist whose 14-year-old daughter Jaime died during the Parkland shooting reported that many of her friends went on to become FSU students some of them were just a part of their 2nd school shooting and some were in the student union today,” Guttenberg wrote on X Guttenberg blamed the tragedy on the “many people who refuse to do the right things about reducing gun violence.” My daughter Jaime was murdered in the Parkland school shooting Many of her friends who were lucky enough to survive that shooting went on to attend FSU some of them were just a part of their 2nd school shooting and some were in the student… I never thought this would happen again.“ Detectives identified the gunman as Phoenix Ikner. Leon County Sheriff Walter A. McNeil said Ikner was a member of The Leon County Sheriff’s Office Youth Advisory Council and his stepmother is Deputy Jessica Ikner “Her son had access to one of her weapons and that was one of the weapons that was found at the scene,” McNeil said FSU Chief Jason Trumbower said the deputy had previously used the firearm as a service weapon but when the department replaced it “It was her personal handgun,” Trumbower said adding the gunman also had a shotgun The @FloridaState campus has been secured Multiple law enforcement agencies remain on site for the ongoing investigation The Student Union & surrounding area are still considered an active crime scene Individuals should not return to the area for any reason Tallahassee Memorial HealthCare reported receiving six victims The Leon County Medical Examiner’s Office had yet to release information about the two deaths The shooting Thursday prompted the cancelation of the “United Against Hate” event at FSU to remember 21-year-old Maura Binkley a senior at FSU who was killed during a shooting on Nov there was a shooting at the entrance of FSU’s Strozier Library and police officers shot and killed the gunman later identified as Myron May an attorney and FSU graduate who injured three victims including a 21-year-old student who was paralyzed as a result of his wounds Authorities in Tallahassee asked anyone with information about the case to call 850-891-4987. The FBI asked anyone with videos, photos, or tips to submit a form online on this site Terrell Forney joined Local 10 News in October 2005 as a general assignment reporter but a desire to escape the harsh winters of the north brought him to South Florida The Emmy Award-winning journalist joined the Local 10 News team in 2013 She wrote for the Miami Herald for more than 9 years and won a Green Eyeshade Award The @FloridaState campus has been secured