{"id":750160,"date":"2023-04-24T07:03:29","date_gmt":"2023-04-24T11:03:29","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/following-engagement-with-arko-ta-board-reaffirmed-arko-proposal-is-not-superior-to-pending-bp-transaction\/"},"modified":"2023-04-24T07:03:29","modified_gmt":"2023-04-24T11:03:29","slug":"following-engagement-with-arko-ta-board-reaffirmed-arko-proposal-is-not-superior-to-pending-bp-transaction","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/following-engagement-with-arko-ta-board-reaffirmed-arko-proposal-is-not-superior-to-pending-bp-transaction\/","title":{"rendered":"Following Engagement with ARKO, TA Board Reaffirmed ARKO Proposal is Not Superior to Pending BP Transaction"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Following Engagement with ARKO<\/b><i>, <\/i><b>TA Board Reaffirmed ARKO Proposal is <\/b><b>Not Superior to Pending BP Transaction<\/b><\/p>\n<p class=\"bwalignc\"><i>ARKO Says its Plan is to Finance $2.4 Billion Purchase Through an Amalgamation of Uncommitted Funding Sources; ARKO Has No Plans to Obtain a Committed Bridge Loan<\/i><\/p>\n<p class=\"bwalignc\"><i>ARKO Confirms Insurance Policy Discussions are Preliminary and Cost of Insurance Unknown<\/i><\/p>\n<p class=\"bwalignc\"><i>Board Unanimously Recommends Shareholders Vote FOR the Pending Merger with BP, <\/i><i>with Closing Scheduled for May 15<\/i><\/p>\n<p>WESTLAKE, Ohio&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nTravelCenters of America Inc. (Nasdaq: TA) today announced that after TA requested and received a contractual waiver from BP Products North America Inc. (\u201cBP\u201d), TA engaged with ARKO Corp. (\u201cARKO\u201d) to diligence its proposal. Following this engagement, TA\u2019s Board of Directors reaffirmed that ARKO\u2019s proposal is neither a superior proposal nor could it reasonably be expected to lead to a superior proposal. The Board reconfirms its recommendation that shareholders vote FOR TA\u2019s pending merger with BP, which, subject to shareholder approval, is scheduled to close on May 15, 2023.<\/p>\n<p>\nDuring the engagement with ARKO, TA confirmed that ARKO plans to finance its proposed $2.4 billion acquisition of TA through an amalgamation of uncommitted funding sources, including by entering into unnegotiated new and expanded credit facilities, entering into unnegotiated sale and leaseback transactions at unrealistic high real estate valuations and using unavailable TA cash. Furthermore, as part of this engagement, ARKO unequivocally stated that, even if it was granted access to more diligence, it did not plan to obtain a committed bridge loan to close a transaction with TA. ARKO also confirmed that its discussions with an insurance provider were preliminary and that it did not know the costs to obtain such a policy.<\/p>\n<p>\nTA\u2019s Board provided a detailed response to ARKO in a letter dated April 24, 2023. The full text of the letter from the TA Board to ARKO, can be found here: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Finvestors.ta-petro.com%2Finvestors%2Fdefault.aspx&amp;esheet=53386070&amp;newsitemid=20230423005056&amp;lan=en-US&amp;anchor=https%3A%2F%2Finvestors.ta-petro.com%2Finvestors%2Fdefault.aspx&amp;index=1&amp;md5=41e188942bd5e80813f2fc8c4b90c97b\">https:\/\/investors.ta-petro.com\/investors\/default.aspx<\/a>, under the link titled \u201cARKO Letter: April 24, 2023.\u201d<\/p>\n<p>\nThe Special Meeting of Shareholders to approve the pending acquisition of TA by BP is scheduled for Wednesday, May 10, 2023, at 9:30 a.m. Eastern Time. TA shareholders of record as of the close of business on March 23, 2023, will be eligible to vote at the Special Meeting. Subject to shareholder approval, the transaction is expected to close on May 15, 2023.<\/p>\n<p>\nUnder the terms of the pending transaction, BP will acquire all of the outstanding shares of TA common stock for $86.00 per share in cash. The transaction price represents an 84% premium to TA\u2019s average trading price of $46.68 over the 30 days ended February 15, 2023, the date the BP merger agreement was signed. The total equity value of the transaction is approximately $1.3 billion.<\/p>\n<p><b><span class=\"bwuline\">About TravelCenters of America<\/span><\/b><\/p>\n<p>\nTravelCenters of America Inc. (Nasdaq: TA) is the nation&#8217;s largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its over 18,000 team members serve guests in 281 locations in 44 states, principally under the TA\u00ae, Petro Stopping Centers\u00ae and TA Express\u00ae brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking and other services dedicated to providing great experiences for its guests. TA is committed to sustainability, with its specialized business unit, eTA, focused on sustainable energy options for professional drivers and motorists.<i \/>TA operates over 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet\u00ae and Country Pride\u00ae. For more information, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ta-petro.com%2F&amp;esheet=53386070&amp;newsitemid=20230423005056&amp;lan=en-US&amp;anchor=www.ta-petro.com&amp;index=2&amp;md5=28209dbfff34a7f394509f4b40356568\">www.ta-petro.com<\/a>.<\/p>\n<p class=\"bwalignc\"><b><span class=\"bwuline\">Warning Regarding Forward Looking Statements<\/span><\/b><\/p>\n<p>\nThis communication contains \u201cforward-looking statements,\u201d including statements containing the words \u201cexpect,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cbelieve,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201ccould,\u201d \u201cmay,\u201d and words of similar meaning, as well as other words or expressions referencing future events, conditions or circumstances. Statements that describe or relate to BP\u2019s or TA\u2019s plans, goals, intentions, strategies, or financial outlook, and statements that do not relate to historical or current fact, are examples of forward-looking statements. Examples of forward-looking statements include the occurrence of any event, change or other circumstances that could give rise to the termination of the TA\u2019s merger agreement with BP; the ability of the parties to consummate the proposed transaction on a timely basis or at all; the satisfaction of the conditions precedent to consummation of the proposed transaction; and the anticipated timing of the closing of the proposed transaction . Forward-looking statements are not guarantees of future performance, and there are a number of important factors that could cause actual outcomes and results to differ materially from the results contemplated by such forward-looking statements, including those factors listed in the section entitled \u201cRisk Factors\u201d in Item 1A of TA\u2019s Annual Report on Form 10-K filed with the SEC on March 1, 2023, and those factors detailed from time to time in TA\u2019s other SEC reports including quarterly reports on Form 10-Q and current reports on Form 8-K. TA does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230423005056r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230423005056\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230423005056\/en\/<\/a><\/span><\/p>\n<p><b>Investors:<br \/>\n<\/b><br \/>Stephen Colbert<br \/>\n<br \/>TravelCenters of America<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:scolbert@ta-petro.com\">scolbert@ta-petro.com<br \/>\n<\/a><\/p>\n<p><b>Media:<br \/>\n<\/b><br \/>Tina Arundel<br \/>\n<br \/>TravelCenters of America<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:tarundel@ta-petro.com\">tarundel@ta-petro.com<br \/>\n<\/a><\/p>\n<p>Andrew Siegel \/ Jack Kelleher<br \/>\n<br \/>Joele Frank<br \/>\n<br \/>212-355-4449<\/p>\n<p><b>KEYWORDS:<\/b> Ohio United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Mobile\/Wireless Oil\/Gas Other Travel Energy General Automotive Transportation Technology Automotive Travel Trucking Transport Other Automotive<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230423005056\/en\/1336605\/3\/TA_Corp_Logo_Stacked_Primary_RGB.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Following Engagement with ARKO, TA Board Reaffirmed ARKO Proposal is Not Superior to Pending BP Transaction ARKO Says its Plan is to Finance $2.4 Billion Purchase Through an Amalgamation of Uncommitted Funding Sources; ARKO Has No Plans to Obtain a Committed Bridge Loan ARKO Confirms Insurance Policy Discussions are Preliminary and Cost of Insurance Unknown Board Unanimously Recommends Shareholders Vote FOR the Pending Merger with BP, with Closing Scheduled for May 15 WESTLAKE, Ohio&#8211;(BUSINESS WIRE)&#8211; TravelCenters of America Inc. (Nasdaq: TA) today announced that after TA requested and received a contractual waiver from BP Products North America Inc. (\u201cBP\u201d), TA engaged with ARKO Corp. (\u201cARKO\u201d) to diligence its proposal. Following this engagement, TA\u2019s Board of Directors reaffirmed that ARKO\u2019s proposal &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/following-engagement-with-arko-ta-board-reaffirmed-arko-proposal-is-not-superior-to-pending-bp-transaction\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Following Engagement with ARKO, TA Board Reaffirmed ARKO Proposal is Not Superior to Pending BP Transaction&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-750160","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Following Engagement with ARKO, TA Board Reaffirmed ARKO Proposal is Not Superior to Pending BP Transaction - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/following-engagement-with-arko-ta-board-reaffirmed-arko-proposal-is-not-superior-to-pending-bp-transaction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Following Engagement with ARKO, TA Board Reaffirmed ARKO Proposal is Not Superior to Pending BP Transaction - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Following Engagement with ARKO, TA Board Reaffirmed ARKO Proposal is Not Superior to Pending BP Transaction ARKO Says its Plan is to Finance $2.4 Billion Purchase Through an Amalgamation of Uncommitted Funding Sources; ARKO Has No Plans to Obtain a Committed Bridge Loan ARKO Confirms Insurance Policy Discussions are Preliminary and Cost of Insurance Unknown Board Unanimously Recommends Shareholders Vote FOR the Pending Merger with BP, with Closing Scheduled for May 15 WESTLAKE, Ohio&#8211;(BUSINESS WIRE)&#8211; TravelCenters of America Inc. (Nasdaq: TA) today announced that after TA requested and received a contractual waiver from BP Products North America Inc. (\u201cBP\u201d), TA engaged with ARKO Corp. (\u201cARKO\u201d) to diligence its proposal. Following this engagement, TA\u2019s Board of Directors reaffirmed that ARKO\u2019s proposal &hellip; Continue reading &quot;Following Engagement with ARKO, TA Board Reaffirmed ARKO Proposal is Not Superior to Pending BP Transaction&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/following-engagement-with-arko-ta-board-reaffirmed-arko-proposal-is-not-superior-to-pending-bp-transaction\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-24T11:03:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230423005056r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/following-engagement-with-arko-ta-board-reaffirmed-arko-proposal-is-not-superior-to-pending-bp-transaction\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/following-engagement-with-arko-ta-board-reaffirmed-arko-proposal-is-not-superior-to-pending-bp-transaction\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Following Engagement with ARKO, TA Board Reaffirmed ARKO Proposal is Not Superior to Pending BP Transaction\",\"datePublished\":\"2023-04-24T11:03:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/following-engagement-with-arko-ta-board-reaffirmed-arko-proposal-is-not-superior-to-pending-bp-transaction\\\/\"},\"wordCount\":908,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/following-engagement-with-arko-ta-board-reaffirmed-arko-proposal-is-not-superior-to-pending-bp-transaction\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20230423005056r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/following-engagement-with-arko-ta-board-reaffirmed-arko-proposal-is-not-superior-to-pending-bp-transaction\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/following-engagement-with-arko-ta-board-reaffirmed-arko-proposal-is-not-superior-to-pending-bp-transaction\\\/\",\"name\":\"Following Engagement with ARKO, TA Board Reaffirmed ARKO Proposal is Not Superior to Pending BP Transaction - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/following-engagement-with-arko-ta-board-reaffirmed-arko-proposal-is-not-superior-to-pending-bp-transaction\/","og_locale":"en_US","og_type":"article","og_title":"Following Engagement with ARKO, TA Board Reaffirmed ARKO Proposal is Not Superior to Pending BP Transaction - Market Newsdesk","og_description":"Following Engagement with ARKO, TA Board Reaffirmed ARKO Proposal is Not Superior to Pending BP Transaction ARKO Says its Plan is to Finance $2.4 Billion Purchase Through an Amalgamation of Uncommitted Funding Sources; ARKO Has No Plans to Obtain a Committed Bridge Loan ARKO Confirms Insurance Policy Discussions are Preliminary and Cost of Insurance Unknown Board Unanimously Recommends Shareholders Vote FOR the Pending Merger with BP, with Closing Scheduled for May 15 WESTLAKE, Ohio&#8211;(BUSINESS WIRE)&#8211; TravelCenters of America Inc. (Nasdaq: TA) today announced that after TA requested and received a contractual waiver from BP Products North America Inc. (\u201cBP\u201d), TA engaged with ARKO Corp. (\u201cARKO\u201d) to diligence its proposal. 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