ARKO urges TravelCenters of America to reconsider sale
The company has insisted the brand’s board to consider its acquisition proposal instead of bp’s offer made last February.
ARKO Corp. has issued a letter urging Travel Centers of America’s board to seriously consider the company’s proposal to acquire TravelCenters and engage with, rather than exclude, ARKO in the sale process.
The news comes after the submission of ARKO’s proposal to acquire TravelCenters for $92 a share and requesting access to diligence materials. THe firm has also reviewed the terms of the proposed transaction by bp alongside TA's preliminary proxy statement. The retailer has stated that its proposal is superior to bp’s offer of $86 a share.
“ARKO urges TravelCenters’ Board to seriously consider ARKO’s superior proposal to acquire TravelCenters of America. ARKO believes it is riskless to TravelCenters’ stockholders for TravelCenters’ Board to engage with ARKO, and that doing so could reasonably be expected to lead to a superior proposal,” the firm stated in a recent press release.
ARKO is prepared to immediately commence confirmatory due diligence and quickly enter into an Agreement and Plan of Merger along with the other ancillary arrangements on the same material terms as in the Merger Agreement with bp.
ARKO is one of the most acquisitive operators of convenience stores in the United States, with 23 transactions completed since 2013 and one pending and expected to close in the second quarter of 2023.
