TravelCenters Shares Surge to Multi-Year High After BP Deal >TA

Dow Jones

16 Feb 2023

By Colin Kellaher

Shares of TravelCenters of America Inc. surged more than 70% to their highest levels in years after the travel-center operator agreed to be acquired by U.K. energy giant BP PLC for about $1.3 billion.

TravelCenters investors will receive $86 a share in cash under the deal, some 74% above Wednesday's closing price of $49.44.

TravelCenters shares were recently changing hands at $84.38, up nearly 71%, hitting prices not seen since 2015.

TravelCenters said the acquisition by BP is the result of the successful implementation of its turnaround and strategic plans.

The company in late 2019 hired turnaround expert Jonathan Pertchik as chief executive as part of an effort to improve cash flows and operating performance, but its plans were quickly upended by the onset of the Covid-19 pandemic in early 2020, which brought U.S. travel to a near standstill and saw the company's share price fall below $6.

TravelCenters has bounced back as the impact of the pandemic abated, and the company on Thursday said that following the implementation of its turnaround plan and several quarters of improved operating performance, it received unsolicited buyout interest, prompting it to launch a formal sale process that led to competitive bidding rounds and the deal with BP.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 16, 2023 10:42 ET (15:42 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2311447863"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2311447863\",edition:\"fundamental\",,,undefined,":{"share":"https://ttm.financial/m/news/2311447863?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-02-16 23:42","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2311447863","market":"hk","top_or_hot":-1,"title":"TravelCenters Shares Surge to Multi-Year High After BP Deal >TA","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Colin Kellaher \n</p>\n<pre>\n \n</pre>\n<p>\n  Shares of <a href=\"https://laohu8.com/S/TA\">TravelCenters of America</a> Inc. surged more than 70% to their highest levels in years after the travel-center operator agreed to be acquired by U.K. energy giant <a href=\"https://laohu8.com/S/BP..UK\">BP PLC</a> for about $1.3 billion. \n</p>\n<p>\n  TravelCenters investors will receive $86 a share in cash under the deal, some 74% above Wednesday's closing price of $49.44. \n</p>\n<p>\n  TravelCenters shares were recently changing hands at $84.38, up nearly 71%, hitting prices not seen since 2015. \n</p>\n<p>\n  TravelCenters said the acquisition by BP is the result of the successful implementation of its turnaround and strategic plans. \n</p>\n<p>\n  The company in late 2019 hired turnaround expert Jonathan Pertchik as chief executive as part of an effort to improve cash flows and operating performance, but its plans were quickly upended by the onset of the Covid-19 pandemic in early 2020, which brought U.S. travel to a near standstill and saw the company's share price fall below $6. \n</p>\n<p>\n  TravelCenters has bounced back as the impact of the pandemic abated, and the company on Thursday said that following the implementation of its turnaround plan and several quarters of improved operating performance, it received unsolicited buyout interest, prompting it to launch a formal sale process that led to competitive bidding rounds and the deal with BP. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Colin Kellaher at colin.kellaher@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  February 16, 2023 10:42 ET (15:42 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>TravelCenters Shares Surge to Multi-Year High After BP Deal >TA</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTravelCenters Shares Surge to Multi-Year High After BP Deal >TA\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 23:42</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Colin Kellaher \n</p>\n<pre>\n \n</pre>\n<p>\n  Shares of <a href=\"https://laohu8.com/S/TA\">TravelCenters of America</a> Inc. surged more than 70% to their highest levels in years after the travel-center operator agreed to be acquired by U.K. energy giant <a href=\"https://laohu8.com/S/BP..UK\">BP PLC</a> for about $1.3 billion. \n</p>\n<p>\n  TravelCenters investors will receive $86 a share in cash under the deal, some 74% above Wednesday's closing price of $49.44. \n</p>\n<p>\n  TravelCenters shares were recently changing hands at $84.38, up nearly 71%, hitting prices not seen since 2015. \n</p>\n<p>\n  TravelCenters said the acquisition by BP is the result of the successful implementation of its turnaround and strategic plans. \n</p>\n<p>\n  The company in late 2019 hired turnaround expert Jonathan Pertchik as chief executive as part of an effort to improve cash flows and operating performance, but its plans were quickly upended by the onset of the Covid-19 pandemic in early 2020, which brought U.S. travel to a near standstill and saw the company's share price fall below $6. \n</p>\n<p>\n  TravelCenters has bounced back as the impact of the pandemic abated, and the company on Thursday said that following the implementation of its turnaround plan and several quarters of improved operating performance, it received unsolicited buyout interest, prompting it to launch a formal sale process that led to competitive bidding rounds and the deal with BP. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Colin Kellaher at colin.kellaher@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  February 16, 2023 10:42 ET (15:42 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0320765646.SGD","symbol_name":"FTIF - Franklin Income A MDIS SGD-H1","start_time":0,"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2311447863","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2311447863","pubTimestamp":1676562120,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"By Colin Kellaher \n\n\n \n\n\n  Shares of TravelCenters of America Inc. surged more than 70% to their hig","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","BK4214":"汽车零售","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","BK4201":"综合性石油与天然气企业","BP":"英国石油"},"translate_title":"英国石油交易后，TravelCenters股价飙升至多年高点","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BP":1,"TA":1},"content_text":"By Colin Kellaher \n\n\n \n\n\n  Shares of TravelCenters of America Inc. surged more than 70% to their highest levels in years after the travel-center operator agreed to be acquired by U.K. energy giant BP PLC for about $1.3 billion. \n\n\n  TravelCenters investors will receive $86 a share in cash under the deal, some 74% above Wednesday's closing price of $49.44. \n\n\n  TravelCenters shares were recently changing hands at $84.38, up nearly 71%, hitting prices not seen since 2015. \n\n\n  TravelCenters said the acquisition by BP is the result of the successful implementation of its turnaround and strategic plans. \n\n\n  The company in late 2019 hired turnaround expert Jonathan Pertchik as chief executive as part of an effort to improve cash flows and operating performance, but its plans were quickly upended by the onset of the Covid-19 pandemic in early 2020, which brought U.S. travel to a near standstill and saw the company's share price fall below $6. \n\n\n  TravelCenters has bounced back as the impact of the pandemic abated, and the company on Thursday said that following the implementation of its turnaround plan and several quarters of improved operating performance, it received unsolicited buyout interest, prompting it to launch a formal sale process that led to competitive bidding rounds and the deal with BP. \n\n\n \n\n\n  Write to Colin Kellaher at colin.kellaher@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  February 16, 2023 10:42 ET (15:42 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"code":"91000000","status":"200"}}}