Trucking news and briefs for Friday, May 12, 2023:
TravelCenters of America announced Wednesday that TA stockholders voted to approve TA’s acquisition by BP p.l.c.
Under the terms of the agreement, BP’s wholly-owned 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, 2023, the date the BP merger agreement was signed.
TA stockholders approved the deal 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.