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Wednesday, December 17, 2014

Convenience store chain Pantry nearing deal to sell itself - WSJ, (NASDAQ: PTRY)

Convenience-store chain Pantry Inc is nearing a deal to sell itself through an auction, the Wall Street Journal reported, citing people familiar with the matter.A winner could be announced within days, with offers for the company due last week, the Journal reported. ( a typical takeover premium, the company could be valued at more than $850 million, the newspaper reported.Pantry, which has a market value of about $680 million, owns the Kangaroo Express chain of convenience stores. It also runs quick service restaurants at its stores.

The Pantry, Inc. (Pantry) is an independently operated convenience store chain in the southeastern United States. Shares of PTRY fell by 3.58% or $-1.07/share to $28.86. In the past year, the shares have traded as low as $12.30 and as high as $30.24. On average, 209716 shares of PTRY exchange hands on a given day and today's volume is recorded at 239524.