08:32 AM EDT, 09/10/2025 (MT Newswires) -- Potbelly (PBPB) said Wednesday that it has agreed to be acquired by US convenience retailer RaceTrac in an all-cash deal valued at $566 million, with shareholders set to receive $17.12 per share.

The sandwich shop operator said the deal is 47% higher than its 90-day volume-weighted average price as of Sept. 9.

RaceTrac will launch a tender offer through a unit, followed by a second-step merger for untendered shares, Potbelly said.

Potbelly said its board unanimously approved the deal, which is expected to be completed in Q4.