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Parkland Corp. says its largest shareholder is no longer bound by the voting and standstill restrictions that were part of a governance agreement between the two.
The Calgary-based company says an Ontario Superior Court decision lifted the limitations on Simpson Oil Ltd., which owns a roughly 20 per cent stake in Parkland.
Simpson sued last year to overturn the restrictions which prevented it from voting against the Parkland board or any of its recommendations, provided its ownership in the company was above five per cent. It also prohibited Simpson Oil from soliciting or making its own bid for the company.
Parkland says it remains focused on acting in the best interests of all shareholders to maximize value and executing its long-term strategy.
The Ontario court decision is the latest in a long-running dispute between Parkland and Simpson, which has also called on Parkland to conduct a strategic review that would include the consideration of a possible sale of the company.
Shares in Parkland were up $3.17 at $36.67 in afternoon trading on the Toronto Stock Exchange.
This report by The Canadian Press was first published Feb. 11, 2025.
Companies in this story: (TSX:PKI)
The Canadian Press
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