Arko reveals it’s a rival bidder for TravelCenters of America

Arko Corp.
ARKO,
+0.60%
on Monday disclosed that it was the company that submitted a rival offer of $92 a share for TravelCenters of America Inc.
TA,
+0.72%.
TravelCenters of America made the $92 offer public in a proxy filed last week, but didn’t name Arko Corp., an Arko spokesperson told MarketWatch in an email. Arko said it issued a letter urging TravelCenters of America to seriously consider its offer, which is higher than the accepted price of $86 a share from BP Plc
BP,
+2.56%
on Feb. 16 that values the company at $1.3 billion. Arko stock is up 0.7% and TravelCenters stock is up 0.8%. Arko stock has fallen 3.6% in 2023, compared to a rise of 3.7% by the S&P 500
SPX,
+0.16%,
while the Nasdaq is about flat for the year. TravelCenters stock is up 94% so far in 2023 with a boost from BP’s bid. TravelCenters has said it expects to close the transaction by mid-year 2023, subject to shareholder and regulatory approval.