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STATE COLLEGE, Pa. - Regional convenience store operator Uni-Marts Inc. has agreed to be acquired for $2.25 a share by Green Valley Acquisition Co., Dow Jones Newswires reports.
Green Valley is a private company controlled by various members of Uni-Marts management, along with Raj J. Vakharia, a former investment banker with Donaldson, Lufkin, & Jenrette.
Under the agreement, Uni-Marts will be merged with Green Valley, with Green Valley being the surviving entity. On completion of the merger, each Uni-Marts common share will be converted into the right to receive $2.25.
Completion of the merger is subject to various conditions. The parties expect completion of the merger in late May or early June.
Uni-Marts operates 286 convenience stores and Choice Cigarette Discount Outlets in Pennsylvania, New York, Delaware and Maryland.