RaceTrac To Commence Tender Offer To Acquire Potbelly

(RTTNews) - Potbelly (PBPB) announced that Potbelly and RaceTrac, Inc. have entered into a definitive merger agreement pursuant to which RaceTrac will commence a tender offer to acquire all of the outstanding shares of Potbelly for $17.12 per share, in an all-cash deal with an equity value of approximately $566 million.

Potbelly's board unanimously recommended that Potbelly's stockholders tender their shares in the tender offer. Also, all of Potbelly's directors and executive officers have entered into support agreements and agreed to tender their shares, representing approximately 11% of Potbelly's outstanding common stock, in the tender offer.