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BP p.l.c. (BP) - free report >>
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BP p.l.c. (BP) - free report >>
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BP-TravelCenters of America's HSR Act Waiting Period Expires
BP plc’s (BP - Free Report) proposed acquisition of Ohio-based TravelCenters of America Inc. is set to be ratified by a special meeting of shareholders scheduled for May 10, 2023, as announced by TA recently. Voting at the Special Meeting will be open to TA shareholders of record as of the end of business on Mar 23, 2023. The deal is anticipated to conclude by May 15, 2023, subject to shareholder approval.
In conjunction with its impending purchase by BP Products North America, TA stated that the Hart-Scott-Rodino (“HSR”) Act's 30-day waiting period had expired on Apr 10, 2023, without the Federal Trade Commission taking any action.
Per the terms of the proposed transaction, BP will pay $86 in cash per share for all of the outstanding shares of TA common stock. Compared to TA's average trading price of $46.68 for the 30 days ending Feb 15, 2023, when the BP merger agreement was signed, the purchase price represents an 84% premium. The acquisition has a $1.3 billion equity value in total.
Zacks Rank & Key Picks
BP currently carries a Zacks Rank #3 (Hold).
Two better-ranked stocks for investors interested in the energy sector are CVR Energy (CVI - Free Report) and Par Pacific Holdings Inc. (PARR - Free Report) both sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1Rank (Strong Buy) stocks here.
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high-value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023.
Par Pacific is a growth-oriented company, which combines knowledge of corporate financing with experience in the oil and gas sector. With 94,000 barrels per day of active refining capacity and a logistical system that includes an SPM, storage, barges, pipelines and trucking operations, PARR owns and manages one of Hawaii's biggest energy networks. Over the past 30 days, PARR has witnessed upward earnings estimate revisions for 2023 and 2024.