TravelCenters Of America Issues Update On ARKO's Proposal - Quick Facts

(RTTNews) - TravelCenters of America Inc. (TA) confirmed that the Board has determined that the conditional, unsolicited and unfinanced proposal from ARKO Corp. (ARKO) to acquire TravelCenters of America is neither superior to the transaction it previously agreed to with BP Products North America Inc. nor is it likely to lead to a superior proposal.

On February 16, 2023, TravelCenters of America entered into a merger deal with BP, pursuant to which BP will acquire all of the outstanding shares of TravelCenters of America common stock for $86.00 per share in cash.

On March 14, 2023, ARKO submitted an unsolicited, non-binding indication of interest to acquire TravelCenters of America. Following a comprehensive review, the TA Board unanimously concluded that ARKO's proposal did not constitute a superior proposal.

In a letter to TravelCenters of America, dated March 27, 2023, ARKO restated the terms of its March 14, 2023 proposal.