TravelCenters of America (TA) announced that its stockholders voted to approve its merger with and into a wholly owned indirect subsidiary of BP. As previously announced, under the terms of the merger agreement between TA and BP’s wholly owned subsidiary, the subsidiary 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 over the 30 days ending Feb. 15, the date the BP merger agreement was signed.
TA stockholders approved the BP merger with more than 72% of the shares outstanding, and 93% of the total shares voted in favor of the merger. The final voting results of TA’s special meeting will be reported in a Form 8-K with the U.S. Securities and Exchange Commission.
The closing of the transaction remains subject to customary closing conditions and is expected to occur on May 15. Upon completion of the transaction, shares of TA’s common stock will be canceled and will no longer trade on the Nasdaq, and TA will become a wholly owned indirect subsidiary of bp.
Founded in 1972 and headquartered in Westlake, Ohio, TA 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.