TA - TravelCenters of America ticks lower amid Arko letter to board

2023-04-25 11:39:18 ET

TravelCenters of America ( NASDAQ: TA ) ticked down 0.6% amid a letter bidder Arko Corp. ( NASDAQ: ARKO ) wrote to the company's board after its latest bid rejection on Monday. Arko fell 2.2%.

Arko ( ARKO ) wrote a letter to TravelCenter's board ( TA ) board on Tuesday after the board on Monday said Arko's $92/share takeover offer is "neither a superior proposal nor could it reasonably be expected to lead to a superior proposal" compared to BP’s ( NYSE: BP ) $86/share offer.

"While we remain ready, willing and able to engage with TravelCenters, your continued refusal to engage with us has made it extremely difficult for us to see a path where we could conduct due diligence and complete the negotiation of a merger agreement in a manner that would enable you to timely terminate your merger agreement with BP in accordance with its terms and to enter into a merger agreement with us," Arie Kotler, Chairman, President & CEO of ARKO wrote in a letter to the TravelCenters ( TA ) board.

On Friday TravelCenters ( TA ) shareholder TIG Advisors urged the company's board to grant Arko access to its data room and to provide the information needed to submit an unconditional binding proposal.

Under the terms of the pending deal, BP ( BP ) would acquire TravelCenters ( TA ) for $86/share in cash; shareholders are scheduled to vote on the BP deal May 10 .

More on TravelCenters ( TA )

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

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