Joele Frank handles Travel Centers of America as the nation’s biggest truck stop/convenience store chain gets acquired by British energy giant BP in a deal pegged at $1.3B.
BP is shelling out $86 cash per share for TA, which represents a whopping 84 percent premium over its 30-day average trading priced ended Feb. 15.
TA CEO Jonathan Pertchik said BP’s offer follows “the successful implementation of our turnaround and strategic plans,” which includes the launch of the eTA alternative fuels program.
The Westlake, OH-based company posted a 54.7 percent revenue boost to $8.2B during the nine-month period ended Sept. 30. Net income soared 158.4 percent to $117.2M.
TA, which operates 281 truck stops in 44 states, had received unsolicited takeover bids from companies other than BP.
Joele Frank, Wilkinson Brimmer Katcher has Andrew Segel and Jack Kelleher representing TA.
No comments have been submitted for this story yet.