Business Wire

TravelCenters of America to be Acquired by BP for $86.00 Per Share, or Approximately $1.3 Billion

Transaction Provides Shareholders with an 84% Premium to Average Share Price of Last 30 Trading Days

WESTLAKE, Ohio--( BUSINESS WIRE )--TravelCenters of America Inc. (Nasdaq: TA), the nationwide operator and franchisor of the TA, Petro Stopping Centers and TA Express travel center brands, today announced that it has entered into a merger agreement with BP p.l.c. (NYSE: BP), pursuant to which BP will acquire all of the outstanding shares of TA common stock for $86.00 per share in cash. The sale price represents an 84% premium to the average trading price of the 30 days ended February 15, 2023 of $46.68. The total equity value is approximately $1.3 billion.

Jonathan M. Pertchik, TA’s Chief Executive Officer, made the following statement:

“ Today’s announcement that BP is acquiring TA for $86 per share is a result of the successful implementation of our turnaround and strategic plans. We have improved our core travel center business, expanded our network, launched eTA to prepare for the future of alternative fuels and improved our operating and financial results, none of which we could have accomplished without the hard work and dedication of our employees at every level.”

Today’s announcement is the culmination of a comprehensive process by TA’s Board. Following the implementation of TA’s turnaround plan and several quarters of improved operating performance, TA received unsolicited interest to acquire the Company. In response, TA’s Board hired financial and legal advisors as part of a formal process to consider a potential sale of the Company. This process ultimately included competitive rounds of bidding from potential buyers that resulted in the transaction announced today.

A condition of the sale is the approval by shareholders who own a majority of TA’s shares outstanding. Service Properties Trust (Nasdaq: SVC), which owns 7.8% of TA’s shares outstanding, and The RMR Group (Nasdaq: RMR), which owns 4.1% of TA’s shares outstanding, both have agreed to vote their shares in favor of the sale. At the closing of the transaction, TA will terminate its management agreement with RMR pursuant to the terms of the agreement and pay a termination fee to RMR that is currently estimated to be approximately $44 million. Subject to shareholder and regulatory approval, the parties are targeting closing the acquisition by mid-year 2023.

The transaction was unanimously approved by the TA Board of Directors. Citigroup acted as exclusive financial advisor to TA and Ropes & Gray as TA’s legal advisor in connection with the transaction.

About TravelCenters of America

TravelCenters of America Inc. (Nasdaq: TA) is the nation's largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its over 18,000 team members serve guests in 281 locations in 44 states, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking and other services dedicated to providing great experiences for its guests. TA is committed to sustainability, with its specialized business unit, eTA, focused on sustainable energy options for professional drivers and motorists. TA operates over 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com .

Additional Information and Where to Find It

This communication may be deemed solicitation material in respect of the proposed acquisition of TravelCenters of America Inc. (“TravelCenters”) by BP Products North America Inc. (“Parent”). This communication does not constitute a solicitation of any vote or approval. In connection with the proposed transaction, TravelCenters plans to file with the U.S. Securities and Exchange Commission (the “SEC”) and mail or otherwise provide to its stockholders a proxy statement regarding the proposed transaction. TravelCenters may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the proxy statement or any other document that may be filed by TravelCenters with the SEC.

BEFORE MAKING ANY VOTING DECISION, TRAVELCENTERS’ STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED BY TRAVELCENTERS WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED TRANSACTION BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION.

Any vote in respect of resolutions to be proposed at a TravelCenters stockholder meeting to approve the proposed transaction or related matters, or other responses in relation to the proposed transaction, should be made only on the basis of the information contained in TravelCenters’ proxy statement. Stockholders may obtain a free copy of the proxy statement and other documents TravelCenters files with the SEC (when available) through the website maintained by the SEC at www.sec.gov . TravelCenters makes available free of charge on its investor relations website at investors.ta-petro.com/investors copies of materials it files with, or furnishes to, the SEC.

The proposed transaction will be implemented solely pursuant to the Agreement and Plan of Merger, by and among TravelCenters, Bluestar RTM Inc. and Parent, dated as of February 14, 2023 (the “Merger Agreement”), which contains the full terms and conditions of the proposed transaction.

Participants in the Solicitation

TravelCenters and certain of its directors, executive officers and certain employees and other persons may be deemed to be participants in the solicitation of proxies from TravelCenters’ stockholders in connection with the proposed transaction. Security holders may obtain information regarding the names, affiliations and interests of TravelCenters’ directors and executive officers in TravelCenters’ Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on February 23, 2022, and its definitive proxy statement for the 2022 annual general meeting of stockholders, which was filed with the SEC on April 7, 2022. To the extent the holdings of TravelCenters’ securities by TravelCenters’ directors and executive officers have changed since the amounts set forth in TravelCenters’ proxy statement for its 2022 annual general meeting of stockholders, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Investors may obtain additional information regarding the interests of participants in the solicitation of proxies from TravelCenters’ stockholders in connection with in the proposed transaction, which may, in some cases, be different than those of TravelCenters’ stockholders generally, by reading the proxy statement relating to the proposed transaction when it is filed with the SEC and other materials that may be filed with the SEC in connection with the proposed transaction when they become available. These documents (when available) may be obtained free of charge from the SEC’s website at www.sec.gov and the investor relations page of the TravelCenters’ website at https://investors.ta-petro.com/ .

Warning Regarding Forward Looking Statements

This communication contains “forward-looking statements,” including statements containing the words “expect,” “intend,” “plan,” “believe,” “will,” “should,” “would,” “could,” “may,” and words of similar meaning, as well as other words or expressions referencing future events, conditions or circumstances. Statements that describe or relate to Parent’s or TravelCenters’ plans, goals, intentions, strategies, or financial outlook, and statements that do not relate to historical or current fact, are examples of forward-looking statements. Examples of forward-looking statements include, without limitation, the effect of the announcement of the proposed transaction on the ability of TravelCenters to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom TravelCenters does business, or on TravelCenters operating results and business generally; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the proposed transaction; the outcome of any legal proceedings related to the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, including circumstances requiring a party to pay the other party a termination fee pursuant to the Merger Agreement; the ability of the parties to consummate the proposed transaction on a timely basis or at all; the satisfaction of the conditions precedent to consummation of the proposed transaction, including the ability to secure regulatory approvals on the terms expected, at all or in a timely manner; the ability of Parent to implement its plans, forecasts and other expectations with respect to its business after the completion of the proposed transaction and realize expected benefits; business disruption following the proposed transaction. Forward-looking statements are not guarantees of future performance, and there are a number of important factors that could cause actual outcomes and results to differ materially from the results contemplated by such forward-looking statements, including those factors listed in the section entitled “Risk Factors” in Item 1A of TravelCenters’ Annual Report on Form 10-K filed with the SEC on February 23, 2022, and those factors detailed from time to time in TravelCenters’ other SEC reports including quarterly reports on Form 10-Q and current reports on Form 8-K. TravelCenters does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.

Investor Contact: Stephen Colbert TravelCenters of America [email protected]

Media Contacts: Tina Arundel TravelCenters of America [email protected]

Andrew Siegel / Jack Kelleher Joele Frank 212-355-4449

travel center stock price

TravelCenters of America

Fortune Rankings

  • Updated : 6/5/23
  • Country : U.S.
  • Headquarters : Westlake, Ohio
  • Industry : Specialty Retailers: Other
  • CEO : Jonathan M. Pertchik
  • Website : https://www.ta-petro.com
  • Company type : Private
  • Revenues ($M) : $10,845
  • Profits ($M) : $164
  • Market value ($M) : $1,306
  • Number of employees : 17,195

Acquired by BP Products North America, a wholly owned indirect subsidiary of BP (U.K.), May 15, 2023. Excise taxes have been deducted. Market value as of March 31, 2023.

  • $ millions % change
  • Revenues ($M) : $10,845 47.8%
  • Profits ($M) : $164.1 180.3%
  • Assets ($M) : $3,652.9 -
  • Total Stockholder Equity ($M) : $873.2 -
  • Profit as % of Revenues : 1.5%
  • Profits as % of Assets : 4.5%
  • Profits as % of Stockholder Equity : 18.8%
  • Earnings Per Share ($) : 11.04
  • EPS % Change (from 2021) : 175.3%
  • EPS % Change (5 year annual rate) : 57.2%
  • EPS % Change (10 year annual rate) : 7%
  • Total Return to Investors (2022) : -13.3%
  • Total Return to Investors (5 year, annualized) : 16.9%
  • Total Return to Investors (10 year, annualized) : 6.7%

TravelCenters of America in Fortune Rankings

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Travelcenters of America Llc (TA)

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  • Booking Holdings-stock
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3 Overlooked Travel Stocks Set to Rebound in 2024

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

The travel industry is roaring back to life in 2024, making it a great time to consider the top overlooked travel stocks to buy. Pent-up demand, relaxed travel restrictions and a new sense of wanderlust are driving a surge in bookings. 

While airlines are often the first stocks that come to mind for travel investors, this resurgence extends far beyond traditional carriers. These companies represent the different facets of the travel experience, offering investors a diversified approach to capitalizing on the travel boom. With interest rate cuts on the horizon, these travel stocks are set for a massive rebound. 

Now, let’s unpack the top three overlooked travel stocks to buy now!

Booking Holdings (BKNG)

a person opens up Booking.com on a smartphone

Booking Holdings (NASDAQ: BKNG ) is a behemoth in the global travel industry, owning notable brands like Booking.com , Priceline , Kayak and Agoda . This diversified portfolio allows Booking Holdings to capture travelers across various price points and booking preferences.

One of Booking Holdings main competitive advantages is its wide moat and powerful digital platform. The company has invested heavily in technology, including its large customer review database. That has created a user-friendly experience, translating into higher customer satisfaction and repeat bookings. Additionally, Booking Holdings’ vast amount of customer data allows for targeted marketing campaigns, maximizing its reach for its various brands. 

Over the last 3 years, the company has averaged 47% revenue growth, and its EPS and FCF have increased substantially. In FY23, gross travel bookings increased 24% year-over-year (YOY) to $150.6 billion. Net income skyrocketed by 40% or $117.40 per share. The company hit an impressive milestone in the 2023 fiscal year of more than 1 billion rooms booked on its platforms. Management remains confident in the long-term tailwinds in the travel and leisure sector, making Booking Holdings a no-brainer travel stock to buy.

Airbnb (ABNB)

Airbnb (ABNB) logo on phone screen stock image.

Airbnb (NASDAQ: ABNB ) has revolutionized the lodging industry, offering travelers unique and often budget-friendly travel options. The company has thrived since the 2020 COVID pandemic and is set to benefit from the increase in travel demand in 2024. 

Airbnb’s peer-to-peer model allows its hosts to monetize their space, providing a unique experience and a diverse range of properties. The variety sets Airbnb apart from the traditional hotel industry, creating an entirely new travel segment. Additionally, Airbnb continues to leverage the most up-to-date technology to streamline guest communications and bookings. Its unique offerings cater perfectly to the trends of travelers seeking more personalized and locally-emersed experiences.

The 2023 fiscal year was a transformative year for the company, with its hosting community surpassing an astonishing 5 million users. Revenue increased 18% YOY to $9.92 billion, with active listings exceeding 7.7 million. Furthermore, Airbnb is crafting a robust artificial intelligence strategy with its GamePlanner.AI acquisition. The company is already leveraging LLMs and machine learning to help streamline the customer experience. That makes Airbnb one of the best-overlooked travel stocks to buy in 2024.

Uber Technologies (UBER)

Uber sign on its headquarters building in San Francisco, California, USA - June 6, 2023. Uber Technologies is a transportation conglomerate.

Uber Technologies (NYSE: UBER ), primarily known for its ride-hailing service, is emerging as a major player in the broader travel industry. Beyond connecting passengers with rides, Uber offers services like food deliveries, bike rentals and microtransit options. 

Uber currently operates in 72 countries and more than 10,000 cities worldwide. The company has fully diversified its offerings to include other services like Uber Eats and Uber Freight. That has opened up new revenue opportunities and further increased its mission of driving shareholder value and profitability. Furthermore, the company may have reached a key inflection point in 2023, as they instill confidence in shareholders about the company’s long-term growth prospects. 

In FY23, Uber’s audience grew even larger, with the platform averaging nearly 26 million daily trips. Gross booking volume remained robust, up 19% YOY to $137 billion. Additionally, EPS swung from negative to positive, with FCF skyrocketing 762% YOY to $3.36 billion. The company continues to invest in new growth opportunities while proving to adequately manage its Capex. As travelers become more comfortable relying on app-based services for transportation, Uber stands to be one of the largest beneficiaries.

On the date of publication, Terel Miles did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Terel Miles is a contributing writer at InvestorPlace.com, with more than seven years of experience investing in the financial markets.

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The post 3 Overlooked Travel Stocks Set to Rebound in 2024 appeared first on InvestorPlace .

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Stock TA

TravelCenters of America LLC Stock price Nyse

Us8941741014, oil & gas refining and marketing, chart travelcenters of america llc, latest news about travelcenters of america llc, analyst recommendations on travelcenters of america llc, press releases travelcenters of america llc, news in other languages on travelcenters of america llc, managers and directors - travelcenters of america llc, company profile, sector gasoline stations.

  • Stock TravelCenters of America Inc.
  • Stock TravelCenters of America LLC - Nyse

IMAGES

  1. Why TravelCenters of America (TA) Stock Might be a Great Pick

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  2. TravelCenters of America Q1 Earnings: Consider Acquiring Stock

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  3. The New TravelCenters CEO Is Not A Reason To Buy The Stock (NYSE:BP

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  4. Update: TravelCenters Of America Q2 Earnings (NYSE:BP)

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  5. TravelCenters of America Q1 Earnings: Consider Acquiring Stock

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  6. TravelCenters of America Q2 Earnings Shine Bright (NASDAQ:TA)

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COMMENTS

  1. TA

    Travelcenters of America Llc stocks price quote with latest real-time prices, charts, financials, latest news, technical analysis and opinions. ... LLC. is a full-service national travel center chain in the U.S., with nationwide locations serving hundreds of thousands of professional drivers and other highway travelers each month - including ...

  2. TravelCenters of America's stock soars 71% after BP's $1.3 billion

    Shares of TravelCenters of America Inc. rocketed 71% Thursday after BP swooped in to take over the company for $86 a share in cash, or about $1.3 billion. BP BP, +0.76% said the deal is a play on ...

  3. TravelCenters of America Inc. Stock price

    Bp expands mobility and convenience network completing the purchase of leading travel center operator, TravelCenters of America. 23-05-17. AQ. TravelCenters of America Inc. Announces Intention to Delist 8.25% Senior Notes Due 2028, 8.00% Senior Notes Due 2029, and 8.00% Senior Notes Due 2030 (Nasdaq: TANNI. 23-05-17.

  4. TravelCenters of America Inc. Common Stock (TA)

    TravelCenters of America Inc. Common Stock (TA) Real-time Stock Quotes - Nasdaq offers real-time quotes & market activity data for US and global markets.

  5. TravelCenters Of America

    Real time TravelCenters Of America (TA) stock price quote, stock graph, news & analysis.

  6. TA

    TravelCenters of America Inc. operates travel centers, truck service facilities, and restaurants in the United States and Canada. The company's travel centers offer various products and services, including diesel fuel and gasoline, as well as nonfuel products and services, such as a range of truck repair and maintenance services, diesel exhaust fluids, full service restaurants, quick service ...

  7. TravelCenters of America LLC Stock Price Today

    TravelCenters of America Tops Q4 EPS by $1.88. TravelCenters of America (NASDAQ:TA) reported Q4 EPS of $3.14, $1.88 better than the analyst estimate of $1.26. Revenue for the quarter came in at $2 ...

  8. TravelCenters of America to be Acquired by BP for $86.00 Per Share, or

    The sale price represents an 84% premium to the average trading price of the 30 days ended February 15, 2023 of $46.68. The total equity value is approximately $1.3 billion.

  9. TravelCenters of America Company Profile, Stock Price, News, Rankings

    Acquired by BP Products North America, a wholly owned indirect subsidiary of BP (U.K.), May 15, 2023. Excise taxes have been deducted. Market value as of March 31, 2023.

  10. TravelCenters of America (TA) Stock Price, News & Analysis

    The specialty retailer reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.35. The specialty retailer earned $1.94 billion during the quarter, compared to analyst estimates of $1.93 billion. TravelCenters of America had a trailing twelve-month return on equity of 17.08% and a net margin of 1.31%.

  11. Stock Market Activity Today & Latest Stock Market Trends

    3. 3. AAPL. Apple Inc. Common Stock. 1.98%. 2. 2. What is Retail Trading Activity Tracker? This dataset tracks the daily buying and selling activity of retail investors at the ticker level.

  12. TravelCenters of America LLC Stock price Nyse

    Equities. US8941742004. Oil & Gas Refining and Marketing. End-of-day quote Nyse. Other stock markets. - USD. 0.00%. Feb. 26. TravelCenters of America Inc. Celebrates 300th Travel Center Milestone.

  13. TravelCenters of America (TA) Stock Sinks As Market Gains: What You

    TravelCenters of America (TA) Stock Sinks As Market Gains: What You Should Know. In the latest trading session, TravelCenters of America (TA) closed at $84.23, marking a -0.18% move from the ...

  14. TravelCenters of America LLC

    TA was delisted after May 12, 2023. The latest closing stock price for TravelCenters of America LLC on May 12, 2023 is 86.00. The all-time high TravelCenters of America LLC closing stock price was 88.36 on April 17, 2023. For more information on how our historical price data is adjusted see the Stock Price Adjustment Guide.

  15. TravelCenters Of America (TA) Stock: A Remarkable Turnaround

    TA operates 252 travel centers of which 51 are owned and 181 are leased ... TA's stock price - Fidelity. So, EV/ Adj. EBITDA is less than 4X ($730 million / $171 million) or 4.3X. And again, TA ...

  16. TA

    View, at a glance, the 52-Week High and Low for a symbol, along with the 61.8%, 50%, and 38.2% Fibonacci levels. These figures correspond to the information presents on the Trader's Cheat Sheet page. The historical data and Price History for Travelcenters of America Llc (TA) with Intraday, Daily, Weekly, Monthly, and Quarterly data available ...

  17. TravelCenters Of America: Top Auto Retail Stock

    The nation's biggest publicly traded full-service travel center, TravelCenters of America Inc. , is on an uptrend. With more than 19,000 staff in over 280 travel and trucking centers throughout ...

  18. Pilot Corporation (7846.T) Stock Price, News, Quote & History

    Find the latest Pilot Corporation (7846.T) stock quote, history, news and other vital information to help you with your stock trading and investing.

  19. 3 Overlooked Travel Stocks Set to Rebound in 2024

    InvestorPlace - Stock Market News, Stock Advice & Trading Tips. The travel industry is roaring back to life in 2024, making it a great time to consider the top overlooked travel stocks to buy ...

  20. FINRA Plays a Vital Role in Exposing Insider Trading

    Recently, Tyler Loudon, a 42-year-old Houston man, pled guilty to securities fraud and agreed to forfeit $1.7 million in illegal proceeds he generated from trading TravelCenters Inc. stock. 1 Loudon purchased TravelCenters stock based on material, non-public information about a pending merger involving TravelCenters he obtained from his wife, a ...

  21. TravelCenters of America LLC Stock price Nyse MKT

    CI. TravelCenters of America Inc. (NasdaqGS:TA) dropped from S&P TMI Index. 23-05-15. CI. BP Products North America Inc. completed the acquisition of TravelCenters of America Inc. (NasdaqGS:TA) from Service Properties Trust, The RMR Group Inc., BlackRock, Inc., The Goldman Sachs Group, Inc. (NYSE:GS), Nantahala Capital Management, LLC and others.

  22. TravelCenters of America Inc. Stock price

    TravelCenters of America Inc. (TANNZ.NASDAQ): Stock quote, stock chart, quotes, analysis, advice, financials and news for Stock TravelCenters of America Inc. | Nasdaq ...

  23. TravelCenters of America LLC Stock price Nasdaq

    TRAVELCENTERS OF AMERICA LLC. Add to a list. Inactive Instrument. TravelCenters of America LLC Stock price Nasdaq. Equities. US8941741014. Oil & Gas Refining and Marketing. Summary. Charts.

  24. TravelCenters of America LLC Stock price Nyse

    TravelCenters of America LLC (TA.NYSE): Stock quote, stock chart, quotes, analysis, advice, financials and news for Stock TravelCenters of America LLC | Nyse: TA | Nyse ... standalone restaurant. The Company also collects rents, royalties and other fees from its tenants and franchisees. Its travel centers offer a range of products and services ...