Parkland Corp gains after activist investor Engine Capital backs call for review

Parkland

17/04/2024 14:55

** Shares of Canadian fuel distributor Parkland Corp
 PKI.TO  rise 1.8% to C$43.59
    ** Activist investor Engine Capital backs PKI's largest
shareholder Simpson Oil's call for a strategic-option review,
including a sale
    ** Engine Capital expects any potential transaction to be
priced at C$64/shr; implying a 49% premium to PKI's last close
per Reuters calculations
    ** "We believe a sale of the Company (in one or multiple
transactions) is likely to result in a transaction at a price
that is superior to the present value of the current strategic
plan," - Engine Capital
    ** Engine Capital holds a 2.5% stake in PKI while Simpson
Oil holds a 19.7% stake
    ** Including sessions' gains, stock is up 2% YTD

 (Reporting by Vallari Srivastava in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com;))