07:36 AM EDT, 06/06/2025 (MT Newswires) -- Parkland (PKI.TO) shareholder Engine Capital on Friday said it will vote against the sale of the company to Sunoco ( SUN ) on the grounds that there are superior alternatives and the sale process was flawed.

Sunoco's ( SUN ) offer to acquire Parkland at $44 a share was accepted on May 4. Parkland shares closed at $36.28 on May 2.

In a letter to shareholders, Engine Capital, which has a 2.5% stake in Parkland, said the proposed transaction "materially undervalues" Parkland. The sale process was also completed in days without a competitive process, and by a board that was set to be replaced. Engine Capital advised shareholders to vote down the transaction.

"To be clear, our opposition to this transaction is directed at its terms - not at Sunoco ( SUN ) or its management team. We have great respect for both and would welcome the opportunity to become long-term investors in Sunoco ( SUN ) if the transaction terms more accurately reflected Parkland's intrinsic value," Engine Capital said in its letter.