TravelCenters of America Stock Surges. It's Being Bought by BP for $1.3 Billion. -- Barrons.com

Dow Jones

Feb 16, 2023

Karishma Vanjani

Oil giant BP announced Thursday it was acquiring TravelCenters of America, one of the largest servicing centers offering truck repairs and maintenance services.

BP (ticker: BP) will acquire TravelCenters of America (TA) for $86 a share, representing an 84% premium to the average trading price of TravelCenters for the 30 days ended Wednesday. Total equity value of the deal was roughly $1.3 million.

TravelCenters stock surged nearly 71% in premarket trading to $84.50. BP fell 1.3%.

Typically, a company that gets purchased sees a jump in its stock price following an announcement because the acquirer is paying a premium for the transaction. The greater the premium, the higher the chances that shareholders will approve the deal.

The deal is expected to close by mid-year 2023, subject to shareholder approval.

Write to Karishma Vanjani at karishma.vanjani@dowjones.com

(END) Dow Jones Newswires

February 16, 2023 08:42 ET (13:42 GMT)

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It's Being Bought by BP for $1.3 Billion. -- Barrons.com\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-02-16 21:42</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\nKarishma Vanjani \n</pre>\n<p>\n     Oil giant  BP announced Thursday it was acquiring <a href=\"https://laohu8.com/S/TA\">TravelCenters of America</a>, one of the largest servicing centers offering truck repairs and maintenance services. \n</p>\n<p>\n     BP (ticker: BP) will acquire TravelCenters of America (TA) for $86 a share, representing an 84% premium to the average trading price of TravelCenters for the 30 days ended Wednesday. 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