TravelCenters of America stockholders approve acquisition by bp
The transaction is expected to close on May 15 and would mean the merger of the company into a wholly-owned indirect subsidiary of the mobility firm.
TravelCenters of America Inc. announced the approval of the company’s merger with and into a wholly-owned indirect subsidiary of bp. The decision was made during the firm’s Special Meeting of Stockholders held recently, where stockholders voted in favor of the purchase.
TA stockholders approved the merger with more than 72% of the shares outstanding and 93.0% of the total shares voted in favor of the merger. The final voting results of the special meeting will be reported in a Form 8-K with the U.S. Securities and Exchange Commission.
As previously announced, under the terms of the merger agreement between both companies, bp’s wholly-owned subsidiary will acquire all of the outstanding shares of TA common stock for $86.00 per share in cash.
The closing of the transaction remains subject to customary closing conditions and is expected to occur on May 15, 2023. 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.
