2023-03-23 09:47:15 ET
TravelCenters of America ( NASDAQ: TA ), which agreed to sale to a $1.3 billion sale to BP ( NYSE: BP ) last month, rose 2.1% after disclosing it received a $92 a share offer from an undisclosed party last Tuesday.
TravelCenters ( TA ) received an unsolicited, non-binding indication of interest from Party G, a publicly traded fuel supplier and convenience store operator to purchase 100% of the company, according to a proxy filing on Thursday. Party G planned to finance the deal through a combination of cash on hand, external financing and lines of credit and contemplated a 30 day timeline to conduct diligence and sign definitive agreements.
On Wednesday the TravelCenters ( TA ) independent board members determined that the offer from Party G didn't constitute a superior proposal to the BP ( BP ) deal. The board members said the offer would require "significant" third-party financing and there was no firm commitment from a potential financing source to provide such financing and the financing markets "remain uncertain."
BP last month agreed to purchase TravelCenters ( TA ) for $86/share in cash, valuing the operator of travel centers and truck service facilities in North America at ~$1.3 billion.
For further details see:
TravelCenters of America gains after revealing unsolicited $92 a share bid, above deal with BP