Parkland Says Proxy Advisory Firms Recommended Shareholders To Favor Proposed Deal With Sunoco

(RTTNews) - Parkland Corp. (PKIUF.PK), Monday announced that proxy advisory firms Institutional Shareholder Services Inc. and Glass, Lewis & Co. have recommended shareholders to vote in favor of the proposed arrangement with Texas-based Sunoco LP.

Institutional Shareholder Services stated that the proposed arrangement is the best path forward for shareholders, citing the offer premium, flexible consideration, the absence of competing proposals, support from Parkland's largest shareholder, and the future opportunities for the shareholders.

Meanwhile, Glass Lewis noted that enhanced diversification, scale and optionality of the combined platform, improved capital markets, and advantages of the C-corp holding structure would be beneficial for the shareholders.

In addition to these recommendations, Parkland's Special Committee and Board of Directors also have unanimously recommended shareholders for the favorable vote.

Friday, Parkland's stock closed at $3.42, up 3.32 percent on the OTC Markets.