Reported about 8 hours ago
Convenience store operator RaceTrac has agreed to acquire sandwich chain Potbelly Corp for approximately $566 million, marking an unusual move in the industry. The deal includes a tender offer of $17.12 per share, with Potbelly's executives already committing their shares. Following the announcement, Potbelly's stock surged by over 30%. This acquisition reflects RaceTrac's strategy to diversify its portfolio, as it operates over 800 convenience store locations across the U.S. and Puerto Rico.
Source: YAHOO