TravelCenters of America Approves $1.3 Billion Acquisition by BP
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TravelCenters (TA) of America said Wednesday that TA stockholders voted to approve TA’s acquisition by BP.
Under the terms of the agreement, BP’s wholly-owned subsidiary will acquire all of the outstanding shares of TA common stock for $86 per share in cash. The transaction price represents an 84 percent premium to TA’s average trading price over the 30 days ending Feb. 15, 2023, the date the BP merger agreement was signed.
TA stockholders approved the deal with more than 72 percent of the shares outstanding and 93 percent of the total shares voted in favor of the merger. The final voting results of TA’s special meeting will be reported in a form 8-K with the U.S. Securities and Exchange Commission.
The closing of the transaction remains subject to customary closing conditions and is expected to occur on May 15.
Upon completion of the transaction, shares of TA’s common stock will be canceled and will no longer trade on the Nasdaq, and TA will become a wholly-owned indirect subsidiary of BP.
BP’s ambition is to become a net zero company by 2050 or sooner, and to help the world get to net zero. bp has a larger economic footprint in the United States than anywhere else in the world, investing more than $140 billion and supporting about 245,000 jobs.
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