1131 ET - One of Parkland's minority but vocal shareholders is pushing for Sunoco to boost its bid for the fuel distributor and convenience store retailer. In a letter to Parkland's board, Engine Capital says it will vote against the proposed transaction in its current form on the grounds that the sale process was "expedited and flawed," and "materially undervalues Parkland." The activist hedge fund, with its 2.5% ownership, thinks that a better deal can be had that would deliver greater value including "a revised structure that adequately compensates Parkland shareholders for the intrinsic value of the company." Parkland struck a friendly takeover deal with Sunoco worth about $9.1 billion back in early May. (adriano.marchese@wsj.com)
(END) Dow Jones Newswires
June 06, 2025 11:31 ET (15:31 GMT)
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