TravelCenters of America has announced that — due to the pending acquisition by bp — the company has filed its definitive proxy statement with the Security and Exchange Commission (SEC). Under the terms of the pending transaction, bp will acquire all of the outstanding shares of TA common stock for $86 per share in cash.

The transaction price represents an 84% premium to TA’s average trading price of $46.68 over the 30 days ending Feb. 15, the date the bp merger agreement was signed. The total equity value of the transaction is approximately $1.3 billion.

The shareholder meeting to approve the pending acquisition of TA by bp is scheduled for Wednesday, May 10. Subject to shareholder and regulatory approval, the transaction is expected to close three business days after the meeting.

In a news release and letter to TA’s board of directors, both distributed on March 29, ARKO Corp. notified the board that it had increased the potential availability of its existing standby real estate purchase program. Shortly after, the TA board unanimously voted against the ARKO proposal. Therefore, according to the terms of the merger agreement with bp, TA is contractually prohibited from engaging with ARKO.

Founded in 1972 and headquartered in Westlake, Ohio, TravelCenters of America has more than 18,000 team members and serves guests at 275 locations in 44 states, principally under the TA, Petro Stopping Centers and TA Express brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking and other services dedicated to providing great experiences for its guests.