Potbelly Corp., the beloved Chicago-based sandwich shop chain, has announced its sale to Atlanta-based RaceTrac Inc. for approximately $566 million, according to the Chicago Business Journal . The report states that a RaceTrac subsidiary called Hero Sub Inc. will acquire all the leftover shares of Potbelly at $17.12 per share as part of this agreement. This all-cash transaction reflects a 47% premium over Potbelly’s recent trading average, emphasizing the strategic value RaceTrac sees in the acquisition, says Chicago Business Journal.

Strategic expansion by Racetrac

RaceTrac, known for over 800 convenience stores across 14 states, sees this acquisition as a significant move into the fast-food sector, Axios reports. Potbelly, founded more than four decades ago in Chicago, has grown

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