Parkland adopts poison pill strategy

Parkland Fuel Corp.’s board of directors has taken steps to guard the Red Deer-based company against hostile takeover bids.

Parkland Fuel Corp.’s board of directors has taken steps to guard the Red Deer-based company against hostile takeover bids.

The board has adopted a shareholder rights plan that will allow Parkland shareholders to buy additional shares at a discounted price should any individual acquire 20 per cent of more of the company’s common shares.

Such a plan, which is commonly known as a “poison pill,” would dilute a takeover bidder’s interest in the company if triggered.

A release issued by Parkland said its shareholder rights plan “has not been adopted in response to, or in contemplation of, any specific proposal to acquire control of Parkland.”

Its intent is to ensure that the board has time to implement alternatives in the best interests of shareholders should a takeover bid arise, and allow shareholders to assess their options, the release added.

The plan does allow acquisition of control of Parkland through a negotiated transaction or a bid that meets specified requirements.

Parkland’s shareholder rights plan took effect immediately, but is still subject to acceptance by the Toronto Stock Exchange and shareholder ratification at the company’s May 6 annual meeting.

Parkland is Canada’s largest independent fuel distributor and marketer.

Just Posted

Updated: SUV smashes through fences and deck in Anders

Driver taken to hospital after SUV veered off 30th Avenue into Anders

Art on Red Deer billboard a reminder of aboriginal women’s strength

Joane Cardinal-Schubert’s image is part of Resilience Project, shown from coast to coast

Red Deer’s new ‘equity co-ordinator’ will promote tolerance

Andrea Lacoursiere was hired by city with Alberta Human Rights funding

More bridge work this summer in Red Deer’s Coronation Park

The park’s north bridge is being rebuilt to ensure safety

Man badly injured in off-road vehicle collision on Saturday

Incident happened in Mountain View County about 10:50 p.m.

CFIA inspects after video shows pigs crammed into B.C. transport truck

The video shows pigs piled on top of one another in a transport truck on a “sweltering” hot day last week

Lava crashes through roof of Hawaii tour boat, injuring 23

HONOLULU — An explosion caused by lava oozing into the ocean sent… Continue reading

Banff holds blessing ceremony with Indigenous elders before letting bison roam

BANFF, Alta. — Several Indigenous elders were flown by helicopter into the… Continue reading

Research expedition looks at unseen depths of Labrador Sea ecosystem

ST. JOHN’S, N.L. — Last summer, a team of scientists returned from… Continue reading

Protesters camped outside Saskatchewan legislature taking province to court

REGINA — Protesters camped outside the Saskatchewan legislature say they are taking… Continue reading

British PM accepts key amendments from hardline Brexiteers

LONDON — British Prime Minister Theresa May on Monday accepted amendments to… Continue reading

‘City of icebergs:’ Study says 100s of Arctic glaciers shrinking, disappearing

The statistics in her recently published paper say it all: hundreds of… Continue reading

U.S. hits back with WTO challenge against Canada’s retaliatory tariffs

OTTAWA — The United States fired back Monday at the Canadian government’s… Continue reading

Croatia gears up to give heroes’ welcome to World Cup team

ZAGREB, Croatia — Fans are pouring in from throughout the country as… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month