BP - TravelCenters of Americas shareholders approve BP's takeover offer

2023-05-10 16:11:27 ET

TravelCenters of America ( TA ) said Wednesday its shareholders overwhelmingly approved the company's sale to BP ( NYSE: BP ) for $86/share, spurning a competing offer from convenience store operator ARKO.

The deal price represents an 84% premium to TravelCenters' ( TA ) average trading price over the 30 days ending February 15, the date the merger agreement was signed.

ARKO had said its $92/share offer topped BP's $1.3B purchase price by ~$100M.

TravelCenters ( TA ) said 93% of votes cast supported the sale, with the votes representing 72% of outstanding shares.

BP ( BP ) believes the deal will expand its footprint and increase its competitiveness in the U.S. diesel market against other major chains such as Love's Travel Stops & Country Stores and Pilot Flying J.

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