One private equity firm recently offered TravelCenters a buyout deal, but TravelCenters has refused the offer.

In December 2015, TravelCenters of America LLC received a non-binding letter from a private equity firm requesting confidential discussions about that firm possibly buying TA.

According to a report from The Wall Street Journal, Golden Gate Capital made the offer to purchase the company for $14 per share, which would value the company at approximately $540 million, while the current market value for the company is only $270 million, according to FactSet.

TravelCenters recently announced that the TA Board of Directors has officially responded to that firm that the interests of TA were best served by pursuing TA’s existing business plans.

In its response to Golden Gate, the TA Board agreed with the private equity firm that TA’s assets, business model and competitive position have tremendous potential. The TA Board further articulated its belief that TA has the management team and other resources appropriate to realize such potential. The TA Board did not agree that the bulk of TA’s potential should be transferred to the private equity firm through a buyout.