TravelCenters of America Marks Another Step in BP Deal
WESTLAKE, Ohio — TravelCenters of America Inc. (TA) is one step closer to completing its $1.3 billion sale to BP.
The company announced that the 30-day waiting period imposed by the Hart-Scott-Rodino Act expired at 11:59 p.m. on April 10 without action by the Federal Trade Commission.
This sets up the special meeting of TA shareholders to proceed as scheduled on Wednesday, May 10 at 9:30 a.m. TA shareholders of record as of close of business on March 23 will be eligible to vote at the special meeting.
Subject to shareholder approval, the acquisition is expected to close by May 15.
Under the terms of the deal, BP will acquire all outstanding shares of TA common stock for $86 per share in cash, representing an 84 percent premium to TA's average trading price of $46.68 per share over the 30 days ended Feb. 15, 2023, the date the BP merger agreement was signed.
Although the agreed upon price is less than the $92 per share offered by rival bidder ARKO Corp., parent company of GPM Investments LLC, the TA board of directors stood by its decision to sell to BP. According to a released statement, the board unanimously determined that ARKO's proposal did not "constitute a superior proposal and could not reasonably be expected to lead to a superior proposal," citing factors such as execution risk and ARKO's investment grade credit rating.
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.