US convenience store chain Uni-Marts has signed a letter of intent to be acquired by HFL Corp, a company controlled by Uni-Marts’ top management, for $2.25 per share, or a premium of 21% based on the closing price of Uni-Marts’ shares on Monday.

HFL is controlled by Uni-Marts chief executive and chairman Henry D Sahakian and his brother Daniel Sahakian, who is a director of Uni-Marts.

The deal will require approval by Uni-Marts’ lenders and shareholders. The letter of intent will expire on 27 June if a definitive merger agreement has not been made by then.