Proxy firms recommend TravelCenters shareholders vote for BP deal

TravelCenters of America announced that leading independent proxy advisory firms Institutional Shareholder Services or ISS and Glass Lewis & Co. have recommended that TA shareholders vote "for" the previously announced all-cash acquisition of TA by BP Products North America in advance of TA’s upcoming Special Meeting of Shareholders scheduled for May 10, 2023. As previously announced, under the terms of the pending transaction, BP will acquire all of the outstanding shares of TA common stock for $86 per share in cash. TA shareholders of record as of the close of business on March 23 are eligible to vote on the pending transaction and are encouraged to do so as soon as possible. Subject to shareholder approval, the transaction is expected to close on May 15. The $86 transaction price represents an 84% premium to TA’s average trading price of $46.68 over the 30 days ended February 15 the date the BP merger agreement was signed. The total equity value of the transaction is approximately $1.3B.