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(Revised from original 2008 version)
TravelCenters of America
A New York-based hedge fund must decide whether to invest in TravelCenters of America (TA), a recent spin-off from a U.S.-based real estate investment trust. The case confronts students with the question: To what extent is this spin-off opportunity attractive from a value-investing standpoint? Historically, spin-offs have been attractive investments because of supply-demand dynamics associated with their investor base. The case is an opportunity to ask whether the same dynamics will operate for TA.
Keywords: Mergers and Acquisitions;
Real Estate Industry;
Greenwood, Robin, Daniel Jacob Goldberg, and James Quinn. "TravelCenters of America." Harvard Business School Case 209-030, July 2010. (Revised from original December 2008 version.)