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  "documentTitle": "Parkland Corporation (PKI)",
  "authorId": "27_Engine_Capital",
  "authorName": "Arnaud Ajdler",
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  "presentationDate": "2024-04-17 00:00:00",
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  "notes": "This is the final page of a shareholder letter, including a call to action and signatures.",
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      "kind": "callout",
      "text": "Engine believes the Board should immediately initiate a strategic process to determine what one or multiple buyers would be willing to pay for Parkland's assets.",
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      "text": "Berkshire Hathaway’s purchase of the remaining 20% of Pilot Travel Centers in January 2024 (multiple unavailable). Murphy USA’s acquisition of QuickChek for 13.2x EBITDA in January 2021. 7-Eleven’s acquisition of Speedway for 13.7x EBITDA in May 2021.",
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      "text": "share price: $64",
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      "text": "While every situation is different, we believe a transaction for Parkland would conservatively take place between 8x and 9x EBITDA. This would imply a transaction price around $64 per share at the midpoint of this range after giving credit for cash flow generated in the first half of 2024. This price would represent a 56% premium to the unaffected price of Parkland. We believe this price would be superior to the standalone plan on a risk-adjusted basis and would be in the best interests of all shareholders. Two of the Company’s largest shareholders are now publicly calling for the Board to evaluate this path.",
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      "kind": "paragraph",
      "text": "Sincerely, Arnaud Ajdler Managing Partner Brad Favreau Partner",
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      "text": "In conclusion, Engine believes the Board should immediately initiate a strategic process to determine what one or multiple buyers would be willing to pay for Parkland’s assets. We continue to believe that the value creation opportunity at Parkland is very significant, and we urge the Company to immediately start working with its largest shareholders versus treating them as adversaries.",
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      "kind": "paragraph",
      "text": "Engine is available to meet with members of the Board to discuss these topics. With a significant C$200 million investment in Parkland, Engine reserves our right to take whatever actions we deem necessary to protect the best interests of all shareholders.",
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