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00:03Racetrack will acquire Potbelly Corporation for $566 million in a cash deal that values
00:09the sandwich chain at $17.12 per share, according to AP. Potbelly, which operates 445 restaurants
00:17nationwide, said the acquisition will help it reach its target of 2,000 locations.
00:22Racetrack, a family-owned convenience store and gas station operator with over 800 sites in 14
00:28states, said it sees the deal as an opportunity to expand its brand portfolio.
00:33Investors had pushed for a sale, arguing Potbelly was undervalued, even after the company boosted
00:39sales through menu updates, digital growth, and new franchisees.
00:43Shares rose more than 31% to $16.99 Wednesday after the announcement.
00:49The purchase is expected to close in the fourth quarter.
00:51For all things money, visit Benzinga.com.
