CALGARY — Parkland Corp.’s biggest shareholder is going to court after the Calgary company announced a US$9.1-billion takeover by Sunoco LP and delayed a meeting where it was to face down investors pushing for a boardroom overhaul.
A showdown had been set to take place in Calgary on Tuesday, 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.
Parkland and Cayman Islands-based Simpson have been at odds over the fuel refiner and retailer’s performance and governance for about a year.
Parkland’s meeting has been rescheduled
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