TravelCenters of America says Arko's $1.4 bln bid not superior to BP (updated)
28/03/2023 12:21
(Updates with details)
March 28 (Reuters) - TravelCenters of America TA.O on
Tuesday confirmed Arko Corp's ARKO.O $1.4 billion takeover
offer is not superior to its existing proposal from BP Plc
BP.L .
Store operator Arko said on Monday it had made a superior
buyout offer for TravelCenters.
According to TA's Board, ARKO's proposal did not constitute
a superior proposal and had a high level of execution risk due
to ARKO's inability to secure committed financing.
The Board also noted that ARKO's sub-investment grade credit
rating was unattractive to Service Properties Trust SVC.O ,
which owns most of TA's properties.
(Reporting by Arshreet Singh; Editing by Rashmi Aich)
((Arshreet.Singh@thomsonreuters.com; Twitter: https://twitter.com/Arshreets;))