RaceTrac is set to acquire Potbelly Sandwich Shop in a $566 million all-cash deal, with the acquisition expected to close in the fourth quarter of the year. Potbelly’s stock surged over 30% following the announcement, with the deal valuing shares at $17.12 each, a 47% premium. RaceTrac operates over 800 convenience stores while Potbelly has more than 445 stores in the U.S. and aims to reach 2,000. CEO Bob Wright stated that RaceTrac’s strategic vision aligns with Potbelly’s mission to delight customers with great food and good vibes.

Read more at CNBC: Potbelly acquired by RaceTrac for $566 million