07:27 AM EDT, 04/15/2024 (MT Newswires) -- Parkland (PKI.TO) overnight Sunday rejected shareholder Simpson Oil's request for a review of strategic alternatives, saying the move wouldn't be in the best interests of the majority of shareholders.

Simpson Oil, which holds about 20% of Parkland's issued and outstanding common shares, on Friday asked Parkland's board to immediately commence a strategic review, including a potential transition of the company to new ownership. Simpson Oil said the strategic review is essential to optimize Parkland's operational and fiscal performance.

"We believe that the company has stopped pursuing its previous strategies that made it such a compelling investment, and the market seems to concur with our view," Simpson Oil said in its statement.

Parkland said the call for a strategic review is another attempt by Simpson Oil to circumvent established corporate governance without considering the interests of all shareholders. Parkland noted that last year Simpson Oil solicited a potential sale of the company at a valuation significantly below the company's intrinsic value.

Parkland said its board continuously evaluates opportunities to maximize shareholder value.