Parkland Investor Engine Capital to Vote Against Sunoco Takeover

Engine Capital LP told the board of Canadian fuel distributor Parkland Corp. it plans to vote against the company’s $9.1 billion takeover by Sunoco LP, calling the sale process expedited and flawed.

Engine, which says it owns about 2.5% of Parkland, said Friday in a letter to the board that the deal announced last month materially undervalues Parkland and that there are better alternatives.

“Our opposition to this transaction is directed at its terms – not at Sunoco or its management team,” according to the letter signed by Arnaud Ajdler, managing partner, and Brad Favreau, a partner ...