Store operator Arko trumps BP with $1.4 bln offer for TravelCenters of America (updated)
27/03/2023 12:32
(Adds details, BP deal)
March 27 (Reuters) - Convenience store operator Arko
Corp ARKO.O offered to buy truck stop operator TravelCenters
of America Inc TA.O for $1.4 billion, it said on Monday,
trumping BP's BP.L $1.3 billion offer.
Arko's offer of $92 per share, which it said it made on
March 14, is $6 higher than BP's offer made in mid-February,
which TravelCenters of America has accepted.
Arko did not say if TravelCenters of America has considered
or rejected its offer, but said in its statement it "believes
the (TravelCenters) board's decision regarding Arko's proposal
was incorrect".
It also urged TravelCenter's board to consider the offer.
The truck refueling company's shares were marginally higher
at $86.50 in premarket trading.
(Reporting by Sourasis Bose in Bengaluru; Editing by Savio
D'Souza)
((Sourasis.Bose@thomsonreuters.com;))