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BP’s acquisition of TA takes another step forward

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Trucking news and briefs for Wednesday, April 12, 2023:

TravelCenters of America’s pending acquisition by BP Products North America has officially cleared the federally required 30-day waiting period for large mergers and acquisitions imposed by the Hart-Scott-Rodino Act (HSR Act).

The waiting period expired at 11:59 p.m. on Monday, April 10, without action by the Federal Trade Commission.

The Special Meeting of Shareholders to approve the pending acquisition of TA by BP is scheduled for Wednesday, May 10, at 9:30 a.m. Eastern. TA shareholders of record as of the close of business on March 23, 2023, will be eligible to vote at the Special Meeting. Subject to shareholder approval, the transaction is expected to close by May 15.

Under the terms of the pending transaction, BP will acquire all of the outstanding shares of TA common stock for $86.00 per share in cash. The transaction price represents an 84% premium to TA’s average trading price of $46.68 over the 30 days ended February 15, 2023, the date the BP merger agreement was signed. The total equity value of the transaction is approximately $1.3 billion.

[Related: TA readies to close deal with BP]

A joint resolution filed in the U.S. House April 6 would overturn the Environmental Protection Agency’s latest emissions regulations targeting heavy-duty trucks beginning with model year 2027.