Parkland shareholders approve Sunoco takeover
Shareholders also voted in support of the director nominees Parkland's management put forward.
Fuel refiner and retailer Parkland Corp. says shareholders have voted in favour of its planned takeover by U.S. company Sunoco LP.
At a special meeting, shareholders also voted in support of the director nominees that Parkland's management put forward, drawing an end to a bitter proxy fight with an activist investor seeking a board overhaul.
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.
More than 93% of shareholders cast their ballots in support of the US$9.1-billion cash-and-stock friendly offer from Sunoco announced last month.
Members of Parkland management's director slate got varying levels of support, most garnering around two-thirds in favour.
READ: Proxy advisory firms ISS and Glass Lewis back Sunoco offer for Parkland
Caribbean-based Simpson Oil, which owns 20% of Parkland's shares, had been pushing for sweeping changes at the Calgary-based company, but ultimately decided to back the Sunoco deal in the hopes it would address its "lamentable performance."
Engine Capital, another activist shareholder with a 2.5% stake, said it wouldn't support the Sunoco deal as it stands because the deal was rushed, the price was too low and there were likely other options available.
The deal is still awaiting approval under the Investment Canada Act, which considers foreign investments in Canadian businesses, and approval to list shares of the combined company on the New York Stock Exchange.
