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Wednesday, December 17, 2014

US convenience-store chain Pantry to be sold via auction - WSJ, (NASDAQ: PTRY)

Convenience-store chain The Pantry Inc has hired an investment bank 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 said. ( a typical takeover premium, an acquisition of the company could value it at more than $850 million, the newspaper reported.The company has a market value of about $680 million.The Pantry, which does business primarily under the Kangaroo Express banner, operates more than 1,500 stores that sell convenience items and fuel.

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.