TravelCenters of America Proceeds With Sale to BP After Waiting Period Expires -- OPIS
April 11 2023 - 11:57AM
Dow Jones News
TravelCenters of America is moving forward with plans for a May
10 shareholder vote on the proposed sale of the company now that a
federally imposed 30-day waiting period has expired without any
action by the U.S. Federal Trade Commission, the company said
Tuesday.
If the $1.3 billion sale is approved by shareholders, the
company expects the deal to be completed by May 15, the Westlake,
Ohio, company said in a news release Tuesday.
The waiting period imposed by the Hart-Scott-Rodino Act is
intended to give regulatory agencies time to request more
information if there are concerns that a proposed transaction would
violate antitrust regulations or harm competition in a business
sector.
BP has proposed buying TA for $86/share, which TA's board of
directors supports. The board has rejected a competing offer from
Arko Corp. to purchase the travel center chain for $92/share. The
TA board said BP's offer is superior because Arko would need to
obtain financing and its credit rating is unacceptable to the
landlord company that owns most of the properties occupied by TA
travel centers.
About 280 travel centers in 44 states are included in the sale
to BP. Observers believe the purchase will help BP compete in the
volatile U.S. diesel market against other huge chains such as
Love's Travel Stops & Country Stores and Pilot Flying J.
This content was created by Oil Price Information Service, which
is operated by Dow Jones & Co. OPIS is run independently from
Dow Jones Newswires and The Wall Street Journal.
--Reporting by Steve Cronin, scronin@opisnet.com; Editing by
Barbara Chuck, bchuck@opisnet.com
(END) Dow Jones Newswires
April 11, 2023 11:42 ET (15:42 GMT)
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