WESTLAKE, Ohio — TravelCenters of America Inc. (TA) is rejecting an "unsolicited and unfinanced" takeover bid by convenience store operator ARKO Corp. as "neither superior to" the previously accepted offer by BP Products North America Inc. nor "likely to lead to a superior proposal."
Richmond, Va.-based ARKO Corp. made a bid on March 14 of $92 per share, which it valued as being 7% higher than the $86 per-share bid by BP on Feb. 16 that TravelCenters' board accepted unanimously.
Subject to shareholder and regulatory approval, the parties are targeting closing the acquisition by mid-year 2023.
ARKO accuses TravelCenters management of refusing to engage with it.
For its part, TA said its board concluded following a "comprehensive review with its financial and legal advisers" that ARKO's proposal did not constitute a superior proposal and could not reasonably be expected to lead to a superior proposal.