|
Parkland has approximately 4,000 locations across Canada, the
United States, and the Caribbean. Sunoco has gas and convenience
store locations in more than 40 states, Puerto Rico, Europe, and
Mexico.
Parkland Corp. shareholders will receive 0.295 SunCorp units and
$19.80 Canadian ($14.34) for each Parkland share they own.
There's also an option for Parkland shareholders to choose to
receive $44.00 Canadian ($31.86) per Parkland share in cash or
0.536 SunCorp units for each share.
The deal also includes the assumption of debt.
Parkland announced in March that its board was looking at
strategic options for the company. It was at that point that
talks with Sunoco significantly intensified, Parkland said.
Parkland will keep its headquarters in Calgary. Sunoco will also
continue to invest in Parkland's Burnaby refinery, which
produces low-carbon fuels.
The deal is expected to close during the second half of the
year. It is subject to shareholder and court approvals. The
transaction is also subject to certain regulatory approvals,
including approvals under the Investment Canada Act, and
approval of the listing of the SunCorp shares to be issued under
the transaction on the New York Stock Exchange.
Parkland will hold a special shareholders meeting on June 24 to
vote on the transaction.
If the deal doesn't close, Parkland would have to pay a $275
million break up fee, under certain circumstances.
Shares of Sunoco LP, baed in Dallas, slipped more than 2%
Monday.
All contents © copyright 2025 Associated Press. All rights reserved
|
|
