TravelCenters files definitive proxy statement for BP Products transaction

TravelCenters of America (TA) announced that it filed its definitive proxy statement with the SEC in connection with the pending acquisition of TA by BP Products North America (BP). Under 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’s average trading price of $46.68 over the 30 days ended February 15, the date the BP merger agreement was signed. The total equity value of the transaction is approximately $1.3B. The Special Meeting of Shareholders to approve the pending acquisition of TA by BP is scheduled for Wednesday, May 10 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 and regulatory approval, the transaction is expected to close three business days after the Special Meeting.