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UPDATE 2-Store operator Arko discloses $1.4 bln offer for TravelCenters of America

Reuters
Updated ·1 min read

(Adds background on TravelCenters)

March 27 (Reuters) - Arko Corp said on Monday it had made a superior buyout offer for TravelCenters of America Inc than BP plc, but indicated the truck stop operator did not view its proposal favourably.

Arko revealed it had made an offer of $1.4 billion on March 14, trumping BP Plc's $1.3 billion offer in mid-February that was accepted by TravelCenters of America.

It did not disclose whether its offer had been rejected, but said the decision by TravelCenters' board regarding its proposal was “incorrect".

Arko, which is one of the largest operators of convenience stores and wholesalers of fuel in the United States, also urged TravelCenter's board to consider its offer. The company's per-share offer is $6 higher than that of BP.

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TravelCenters owns a network of about 281 highway sites across 44 U.S. states and offers services including fueling, truck maintenance, restaurants, travel stores, and parking.

The company's shares were marginally higher at $86.50 in premarket trading.

TravelCenters and BP did not immediately respond to Reuters' requests for comment on Arko's offer. (Reporting by Sourasis Bose in Bengaluru; Editing by Savio D'Souza and Vinay Dwivedi)