11:12 AM EDT, 08/09/2024 (MT Newswires) -- Calgary-based fuel retailer Parkland Corp. ( PKIUF ) rebuffed a takeover offer worth nearly $8-billion from Texas-based Sunoco LP ( SUN ) last year, The Globe and Mail has reported.

The proposal for a stock-based transaction was made in the summer of 2023 for $45 a share, according to a source familiar with the matter. That represented a roughly 28% premium to where Parkland shares were trading at the time and valued the Canadian company at about $7.9-billion. The Globe and Mail is not identifying the source because they were not authorized to discuss the bid publicly.

Parkland spokesperson Simon Scott said the company has a policy of not commenting on market speculation. The company disclosed this year that it received an offer in 2023, but provided no details on the bid's size or source, only that Parkland thought it undervalued the company.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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