#Canada #Calgary #ISS #Sunoco LP #Parkland Corp

Parkland Corporation Gains Strong Support from ISS and Glass Lewis for Sunoco Agreement

Parkland Corporation, a prominent player in the fuel distribution industry, has recently announced that both Institutional Shareholder Services Inc. (ISS) and Glass Lewis & Co. have recommended that shareholders cast their votes in favor of the proposed agreement with Sunoco LP. This major endorsement underscores the strategic and financial advantages of the transaction, which is set to be discussed at the upcoming Special Meeting of Shareholders scheduled for June 24, 2025, in Calgary, Alberta.

Endorsements Highlight Potential

In their recommendations, ISS emphasized that the transaction presents a favorable path for the future of Parkland's shareholders. They pointed out several reasons for this conclusion, including the premium offered in the deal, flexible weighting subject to proration, and the lack of competing proposals. These factors collectively contribute to ISS's belief that the proposed transaction is advantageous for shareholders. ISS further noted that the backing from Parkland's largest shareholder adds additional credibility to the agreement.

In alignment with ISS, Glass Lewis provided its insights regarding the agreement. They highlighted the optimal fit and enhanced diversification this transaction offers, alongside the scalability and optionality that the combined platform will possess. Furthermore, Glass Lewis pointed out the advantages of Parkland’s corporate structure and improved access to capital markets as a result of the agreement.

Independent Assessments and Recommendations

Supporting the positive outlook for the agreement are fairness opinions provided to Parkland's Board of Directors by Goldman Sachs Canada Inc. and BofA Securities, demonstrating an alignment of interests and confidence in the strategic direction of Parkland post-acquisition. The Special Committee and Board of Directors at Parkland have also unanimously recommended that shareholders vote in favor of the arrangement, underscoring a collaborative effort to secure the best possible outcome for stakeholders.

Voting Information

To ensure proper representation of their votes, Parkland urges shareholders to submit their votes by 9 a.m. MDT on June 20, 2025, ahead of the critical meeting. This meeting will not only cover the proposed agreement with Sunoco but will also address key issues such as the election of the Company’s Board of Directors, appointment of the auditor, and various operational matters that have received solid support from both ISS and Glass Lewis.

The Special Meeting is set to take place at the TELUS Convention Centre in Calgary, further reflecting Parkland's commitment to transparent and open shareholder communication.

About Parkland Corporation

Parkland operates as a leading international distributor of fuel products, with a strong retail presence across 26 countries in the Americas. The company's well-established network serves the everyday needs of consumers while supporting various business operations. Beyond traditional fuel supplies, Parkland is committed to sustainability and innovation, offering solutions such as renewable fuels, electric vehicle charging stations, and carbon credit programs.

With approximately 4,000 retail outlets in Canada, the U.S., and the Caribbean, Parkland maintains a robust supply and logistics framework, aiming to support a growing customer base while prioritizing environmental responsibility. Their strategic focus incorporates a dual advantage approach, integrating customer-centered services and optimized supply chain efficiencies.

About Sunoco LP

Sunoco, a leader in the energy infrastructure and fuel distribution sector, operates extensively across the U.S., Puerto Rico, Europe, and Mexico, featuring a vast network of pipelines and terminals. Their infrastructure ensures a reliable supply chain that supports around 7,400 locations, solidifying Sunoco's position in the market. The general partner of Sunoco is Energy Transfer LP, further enhancing their operational capabilities.

Future Prospects

As Parkland and Sunoco move forward into this strategic alliance, the combination is poised to leverage synergies that drive growth and add substantial value for shareholders. The confident endorsements from ISS and Glass Lewis signal optimism not only for the corporate entities involved but also for the wider market landscape as they navigate future challenges and opportunities together.

For more information and details on voting, shareholders are encouraged to refer to the official documents available on Parkland's SEDAR+ profile and their dedicated site for the Sunoco acquisition.