Dec 17 (Reuters) - 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 bids for the company due last week, the Journal said. (on.wsj.com/1sz5fCM)
Using 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 company’s shares, which closed at $28.86 on Tuesday, have gained 135 percent in value since touching a 52-week low in February.
Representatives at the company did not immediately respond to a request for comment outside regular U.S. business hours. (Reporting by Luke Koshi in Bangalore; Editing by Gopakumar Warrier)