CALGARY, AB, April 14, 2024 /PRNewswire/ - Parkland Corporation ("Parkland", "we", the "Company", or "our") (TSX: PKI), announced its determination that a strategic review is unnecessary and does not consider the best interests of the majority of our shareholders. Parkland's Board of Directors (the "Board") continuously evaluates opportunities to enhance and maximize shareholder value. The current call for a strategic review represents another attempt by Simpson Oil Limited ("Simpson") to circumvent established corporate governance without considering the interests of all shareholders.
In 2023, while having nominees on our Board, Simpson solicited a potential sale of Parkland at a valuation significantly below the Company's intrinsic value. The Company engaged legal and financial advisors and conducted a thorough evaluation of the proposed transaction. In addition, the Board established a special committee and engaged their own independent advisors.
"After careful consideration, the Board determined that pursuing this alternative would not serve the best interests of the Company and its shareholders," said Steven Richardson, Chair of the Board. "Parkland's Board fulfils its responsibilities for the benefit of all shareholders, not at the direction of one."
Parkland provides additional context for its determination that a strategic review is unnecessary.
Simpson Reverses Its Position on Successful Parkland Strategy
Before Simpson withdrew its nominees from the Board, they participated in the development of Parkland's strategy and plans, which following a period of significant acquisitions, are currently aimed at capturing synergies, driving organic growth, ...