ARKO offers $92/share for TravelCenters, $6 premium over BP's bid, urges board to reconsider

ARKO Corp.

ARKO proposes $92 per share for TravelCenters, a $6+ premium (approx. 7%) over BP's $86 per share offer.
ARKO states its proposal has no financing contingency, citing discussions with Oak Street Capital and its acquisition track record.
ARKO criticizes TravelCenters' board for limited engagement (a single 30-min call) and for not deeming ARKO's proposal superior.
TravelCenters' board reaffirmed its recommendation for the BP deal and rejected ARKO's proposal as not superior.
ARKO notes that TravelCenters' own fairness opinion includes fair value up to $124.01 per share, supporting a higher bid.

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