The New York-based hedge fund, which owns a 2.5 per cent stake in the Calgary-based fuel refiner and retailer, said the board has shown “questionable judgement” and has failed to hold CEO Bob Espey accountable for the firm’s lacklustre performance. (The Logic)
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The New York-based hedge fund, which owns a 2.5 per cent stake in the Calgary-based fuel refiner and retailer, said the board has shown “questionable judgement” and has failed to hold CEO Bob Espey accountable for the firm’s lacklustre performance. (The Logic)
Talking point: Engine’s demand for better governance is the latest salvo in Parkland’s ongoing dispute with the activist fund, which has intensified ever since Parkland reportedly turned down a $7.9-billion takeover bid by Sunoco in 2023. In a press release on Monday, Engine claimed that Parkland had fumbled the 2023 bid, “wasted millions” trying to prevent its largest investor, Simpson Oil, from taking an activist role in the company, and continues to miss financial targets. Parkland, which owns around 4,000 gas stations and other assets, announced a review of its operations earlier this month after a court granted Simpson the right to an activist role, potentially setting the stage for Parkland’s multibillion-dollar sale.
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