Come Monday, May 15, TravelCenters of America Inc., which operates TA, Petro and TA Express truck stops, will be a wholly-owned indirect subsidiary of British energy company BP PLC.
TravelCenters of America stockholders approved being acquired by BP on May 10. More than 72% of the shares outstanding and 93% of the total shares voted in favor of the merger.
As announced earlier, BP will acquire all of the outstanding shares of TravelCenters of America common stock for $86 per share in cash. The transaction price represents an 84% premium to TA’s average trading price over the 30 days ending Feb. 15, the date the BP merger agreement was signed.
The stockholder vote also ends efforts by a competing bidder, ARKO Corp., to acquire TravelCenters of America. Richmond, Va.-based ARKO is a large convenience store operator and fuel wholesaler. It had offered to pay $92 per share.
TravelCenters of America has a network of about 280 travel centers in 44 states that are located on major highways across the U.S. TA and Petro travel centers average around 25 acres in area and offer a full range of facilities for vehicles and fleet trucks, including more than 600 full-service and quick service restaurants, as well as truck maintenance and repair services.
Westlake, Ohio-based TravelCenters of America dates back to 1972, when it was founded as Truckstops of America. Standard Oil owned the company from 1984 to 1993, when BP acquired Standard Oil and sold TravelCenters of America. Petro Stopping Centers joined TravelCenters of America in 2007. Here is a company timeline.
BP PLC, formerly British Petroleum Co. PLC, is a vertically integrated company operating in all areas of the oil and gas industry, including exploration and extraction, refining, distribution and marketing, power generation, and trading. The company’s origins date back to 1908, when it was founded as the Anglo-Persian Oil Co. It became British Petroleum in 1954. The name was shortened to BP PLC in 2001. LL