Potbelly to be acquired by convenience store company RaceTrac in $566M deal

Core Viewpoint - Potbelly is being acquired by RaceTrac for $566 million, with the deal expected to close later this year, allowing both companies to operate independently until then [1][2]. Group 1: Acquisition Details - The acquisition involves RaceTrac purchasing all outstanding shares of Potbelly at a price of $17.12 per share [3]. - RaceTrac operates over 800 gas stations in 14 states and has about 1,200 Gulf-branded locations in the U.S. and Puerto Rico [3]. Group 2: Company Statements - Bob Wright, Potbelly's president and CEO, expressed that the deal will accelerate the brand's growth and maintain the neighborhood sandwich shop experience [2]. - Natalie Morhous, CEO and chairman of RaceTrac, welcomed Potbelly's team members and franchise partners, emphasizing the expansion of their convenience-driven brands [4]. Group 3: Future Plans - Potbelly aims to grow its number of locations to 2,000, although it remains unclear if any current shops will close [5].