2023-04-21 15:07:03 ET

TravelCenters of America ( NASDAQ: TA ) ticked up 0.6% as an investor is pushing the company to give ARKO access to the company's data room as it battles with BP ( NYSE: BP ) for an acquisition of the travel center operator.

TIG Advisors LLC, which owns 4.9% of TravelCenters ( TA ), urged the the company's board to grant ARKO access to TA's data room and to provide ARKO the information it needs to submit an unconditional binding proposal, TIG said in a letter to the board on Friday.

The letter comes as convenience store chain ARKO last month disclosed that i t bid $92 a share for TravelCenters ( TA ), a bid that was rejected by TA after it already agreed to a deal with BP ( BP ) for $86 a share in February. TravelCenter holders are scheduled to vote on the BP deal on May 10.

"We urge the board to act now. ," Drew Figdor, portfolio manager of TIG, wrote in the letter. "ARKO has publicly insinuated it may be willing to improve its offer following due diligence, whether that be through added value to shareholders or concessions to assuage the concerns of SVC and RMR. Delaying this process further due to inefficient public correspondence would be a major disservice to TA and all its shareholders."

More on TravelCenters ( TA )

• HSR waiting period expires for TravelCenters of America-BP deal
• ARKO urges Travel Centers of America to seriously consider acquisition proposal
• TravelCenters of America And BP: High-Probability Merger Arbitrage

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