Parkland Corp shareholders on Tuesday voted in favor of a $9.1 billion deal to be acquired by U.S.-based Sunoco.
The company said 93.46% votes were for the deal, which will create America’s largest independent fuel distributor.
Sunoco in May agreed to buy Parkland in a cash and stock deal, which included debt. Sunoco had said each Parkland share will be exchanged for C$19.80 in cash and 0.295 Sunoco unit.
The Canadian firm had undertaken a strategic review in March following persistent pressure from two of its largest shareholders Simpson Oil, which holds a nearly 20% stake, and activist investor Engine Capital.
Sunoco will also be acquiring Parkland’s 55,000-barrel-per-day Burnaby refinery, which produces 25% of the transportation fuel used in Canada’s westernmost province of British Columbia.
The transaction is expected to close in the second half of the year.
Source: Reuters.com