Convenience store giant RaceTrac is acquiring sandwich chain Potbelly for $566 million in an all-cash deal. The acquisition, expected to close in Q4, values Potbelly shares at a 47% premium. Potbelly's stock surged over 30% following the announcement. RaceTrac, with over 800 stores, aims to leverage Potbelly's 445+ locations and expansion plans to boost its offerings. Potbelly CEO Bob Wright highlighted the alignment of both companies' visions and the deal's immediate value for shareholders.

Prepared by Christopher Adams and reviewed by editorial team.