TravelCenters of America to be acquired by BP in all-cash deal valued at $1.3 billion

TravelCenters of America Inc.
TA,
+3.67%
said Thursday it has agreed to be acquired by BP Plc
BP,
-0.34%
for $86 a share in cash, or about $1.3 billion. The price is equal to an 84% premium over the average trading price of the stock in the 30 days ended Feb. 15. The deal is expected to close by mid-year, 2023, and two of the company’s main shareholders — RMR Group
RMR,
+1.67%,
with a 4.1% stake, and Service Properties Trust
SVC,
+1.06%
with 7.8% of the stock — have agreed to vote their shares in favor of it. “Following the implementation of TA’s turnaround plan and several quarters of improved operating performance, TA received unsolicited interest to acquire the company,” TravelCenters said in a statement. It then hired financial and legal advisers to review a potential sale of the company that culminated in today’s announcement, it added. The stock rose 1.6% premarket and has gained 21% in the last 12 months, outperforming the S&P 500
SPX,
+0.28%,
which has fallen 7%.