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Investing.com - Parkland Corp (TSX:PKI) shareholders have approved the acquisition of the company by Suncor Energy (NYSE:SU), with 93.5% voting in favor of the deal at the annual general meeting.
Scotiabank (TSX:BNS) downgraded Parkland stock from Sector Outperform to Sector Perform on Wednesday, maintaining a price target of C$44.00. The research firm cited reduced prospects for share outperformance as the stock will likely trade at a time value of money discount until the transaction closes.
Parkland projects the effective date of the transaction will occur in the second half of 2025, pending standard antitrust and regulatory approvals. Upon conclusion of the deal, Parkland will become a subsidiary of Suncor Energy and will subsequently be delisted from exchanges.
The board nominees for Parkland were also approved at the meeting, according to Scotiabank’s research note. The firm characterized the shareholder approval as neutral for the shares, noting that this outcome was widely expected.
The likelihood of the deal closing is now considered very high following the shareholder vote, which explains the rating change despite Scotiabank maintaining its C$44.00 price target for Parkland shares.
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