Arko urges TravelCenters of America to reconsider $1.4 bln buyout offer (updated)

Arko.

29/03/2023 18:46

(Adds details)
       March 29 (Reuters) - Convenience store operator Arko
Corp  ARKO.O  on Wednesday again urged TravelCenters of America
Inc  TA.O  to consider its $1.4 billion buyout offer over BP's
proposal. 
    TravelCenters recently rejected Arko's bid, saying the deal
had a high level of execution risk due to the latter's inability
to secure committed financing.
        Arko said it had significant additional liquidity in the
form of cash, cash equivalents and funds under its existing
credit lines.
  
        Oak Street, a division of asset management firm Blue Owl
Capital, has also agreed to provide an additional $1.25 billion
of capacity specifically to finance ARKO's acquisition of
TravelCenters, the company said.
  
        TravelCenters, which owns about 281 highway sites across
44 U.S. states, has accepted a $1.3 billion offer from BP, which
is seeking to expand its retail network in a bet on biofuels and
electric vehicle charging. 
  

 (Reporting by Sourasis Bose in Bengaluru; Editing by Anil
D'Silva)
 ((Sourasis.Bose@thomsonreuters.com;))