U.S.-based Sunoco has agreed acquire Parkland Corporation for $9.1 billion in cash, shares and debt.

Parkland has been locked in a battle with dissident shareholder Simpson Oil over control of the company’s board. The battle was to come to a head at Calgary-based Parkland’s annual general meeting Tuesday in Calgary.

But that meeting has been postponed until shareholders vote on Sunoco’s proposed takeover.

“This strategic combination is a compelling outcome for Parkland shareholders,” said Michael Jennings, executive chairman of Parkland, in a news release.

“The board unanimously recommends the proposed transaction, recognizing Sunoco’s commitment to safeguarding Canadian jobs, retaining the Calgary head office, and further investing in Canada.”

The deal comes after Parkland rejected an $8-billion acquisition offer from Sunoco in 2023.

Dallas-based Sunoco has agreed to pay $44 per share for Parkland, including $19.80 in cash plus a .295 of a unit in a new subsidiary, SUNCorp and assumption of the Canadian firm’s debt.

Parkland operates about 4,000 gas stations and electric-vehicle charging sites across Canada, the U.S., and the Caribbean. The company also owns the On the Run convenience-store chain and M&M Food Market, along with a refinery in Burnaby, B.C.

Sunoco has pledged to keep investing in the Burnaby, facility, which is among the last few remaining oil refineries in Western Canada.

Meanwhile, Simpson Oil condemned Parkland’s decision to put off the AGM.

“Delaying the meeting and pushing forward with any transaction ahead of board transition represents a clear breach of fiduciary duty—an obvious attempt to cling to power and sidestep shareholder will,” said Simpson in a news release.

Pictured: On the Run convenience store.

Photo: Parkland

Join Canada’s leading CRE owners, investors, developers, brokers, financiers, and more at Connect Canada on May 28 at Malaparte in Toronto. Register now to catch forecasts from Canadian CRE leaders on market challenges and opportunities, insights into international investing with evolving market dynamics, the outlook for multi-family housing, and much more. www.ConnectCanada2025.com