0922 ET - TravelCenters of America says ARKO's unsolicited $92-a-share buyout proposal carries significant financing and closing risk, and that it's sticking to its deal to be acquired by BP for $86 a share. TravelCenters says ARKO hasn't obtained committed financing, and that its sub-investment grade credit rating isn't attractive to Service Properties Trust, the landlord of most of TA's properties and holder of a 7.8% stake in the travel-center operator. TravelCenters says ARKO's proposal isn't superior to the BP deal, nor is it likely to lead to a superior proposal. TravelCenters up 0.5% premarket to $87, above the BP deal price. (colin.kellaher@wsj.com)
(END) Dow Jones Newswires
March 28, 2023 09:22 ET (13:22 GMT)
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