Engine Capital pushes Sunoco to increase $7.7-billion takeover bid for Parkland

Calgary-based Parkland Corp. owns more than 4,000 outlets, including the On the Run convenience store chain.

Hedge fund Engine Capital LP is pushing Sunoco LP SUN-N to boost its $7.7-billion friendly takeover bid for gas station owner Parkland Corp. PKI-T

On Friday, New York-based Engine Capital said it plans to oppose Sunoco’s offer for Parkland at a shareholder vote scheduled for June 24. Engine Capital owns 2.5 per cent of Calgary-based Parkland and has been campaigning for the company’s sale.

Parkland owns more than 4,000 outlets, including the On the Run convenience store chain, and a Burnaby, B.C., oil refinery supplying fuel to the Lower Mainland.

In early May, Sunoco offered $44 per Parkland s

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