2023-04-24 07:39:19 ET
TravelCenters of America ( NASDAQ: TA ) said Monday its board reaffirms its recommendation that shareholders vote for the pending merger with BP ( NYSE: BP ), after saying Arko's ( ARKO ) $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 $86/share offer.
Following its engagement with Arko ( ARKO ), TravelCenters ( TA ) said Arko plans to finance its proposed $2.4B takeover "through an amalgamation of uncommitted funding sources, including by entering into unnegotiated new and expanded credit facilities," and that even if Arko was granted access to more diligence, it did not plan to obtain a committed bridge loan to close a transaction.
TravelCenters ( TA ) shareholder TIG Advisors had 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 .
For further details see:
TravelCenters confirms support for BP deal over Arko's offer