TA - HSR waiting period expires for TravelCenters of America-BP deal

2023-04-11 08:24:30 ET

• TravelCenters of America ( NASDAQ: TA ) announced Tuesday the expiration of 30-day waiting period imposed by the Hart-Scott-Rodino Act in connection with its pending acquisition by BP Products North America ( NYSE: BP ).
• Pursuant to the deal, BP will acquire all of the outstanding TA shares for $86.00 per share in cash. The total equity value of the transaction is around $1.3B.
• The transaction price represents an 84% premium to TA’s average trading price of $46.68 over the 30 days ended February 15, 2023, the date the merger agreement was signed.
• The special meeting of shareholders to approve the pending acquisition is scheduled for May 10, 2023. TA shareholders of record as of the close of business on March 23, 2023 will be eligible to vote.
• The transaction is expected to close by May 15, 2023.

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