RaceTrac Acquires Potbelly for $566 Million
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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.
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