2023-03-28 07:27:24 ET
TravelCenters of America ( NASDAQ: TA ) confirmed that the company's board previously reviewed and determined that the proposal from ARKO Corp. ( ARKO ) to acquire the company is not superior to the transaction it previously agreed to with BP Products North America ( BP ). The summary is that the ARKO offer is not expected to lead to a superior proposal.
The TravelCenters of America ( TA ) board already approved the merger agreement with BP to acquire the company at $86.00, which represents an 84% premium to the average trading price of the prior 30 trading days before announcement.
On Monday, convenience store operator ARKO ( ARKO ) urged to the board of Travel Centers of America ( TA ) to seriously consider its proposal to acquire TravelCenters.
Shares of TravelCenters of America ( TA ) fell 0.72% to $85.98 in premarket action on Tuesday.
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TravelCenters of America confirms ARKO proposal is not superior to BP's bid