WESTLAKE, Ohio — TravelCenters of America Inc.'s (TA) $1.3 billion sale to BP appears that much more likely to reach approval following favorable recommendations by Institutional Shareholder Services (ISS) and Glass Lewis & Co. The leading independent proxy advisory firms recommended on May 1 that TA shareholders vote in favor of the all-cash acquisition.
A special meeting of TA shareholders to approve the deal is scheduled for May 10 at 9:30 a.m. TA shareholders of record as of the close of business on March 23 are eligible to vote on the pending transaction and encouraged to do as soon as possible.
Under the terms of the acquisition, BP will pay $86 per share of outstanding common stock. The sale price represents an 84 percent premium to the average trading price of the 30 days ended Feb. 15 of $46.68.
TA's board of directors also unanimously recommended TA shareholders vote for all proposals, including following ISS and Glass Lewis' recommendations by voting for the proposal to approve the merger.
[Read more: TravelCenters of America Confirms BP Bid After Reviewing ARKO's Offer]
Subject to shareholder approval, the transaction is expected to close on May 15.
Westlake-based TravelCenters of America Inc. is the nation's largest publicly traded full-service travel center network. Founded in 1972, its more than 18,000 team members serve guests in 281 locations in 44 states, principally under the TA, Petro Stopping Centers and TA Express brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking, and other services dedicated to providing great experiences for its guests.
TA is committed to sustainability, with its specialized business unit, eTA, focused on sustainable energy options for professional drivers and motorists.
The operator has more than 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet and Country Pride.