Circle K Announces Agreement for Acquisition of Shop & Go
PHOENIX, Ariz. (AP) _ Circle K Corp., a Phoenix-based company with about 2,660 convenience stores in 23 states, on Friday announced it had reached definitive agreement for acquisition of Shop & Go Inc., which operates about 450 convenience stores in Florida and Georgia.
Circle K said it would pay $166.0 million in cash and common stock for Shop & Go, with acquisition of 80 percent of Shop and Go’s stock through a tender offer of $16.50 per share in cash.
The remaining 20 percent of the Shop & Go stock would be acquired ″as soon as practical following completion of the tender offer″ in exchange for Circle K stock, the company said.
The transaction is subject to regulatory approvals, Circle K said.