US convenience store chain Uni-Marts has called off a management-led buyout of the company, citing concerns about its ability to obtain certain consents to the transaction.

Uni-Marts had signed a letter of intent to be acquired by HFL Corp, a company controlled by Uni-Marts’ top management, for US$2.25 per share.

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 required approval by Uni-Marts’ lenders and shareholders and the letter of intent was due to expire on 27 June if a definitive merger agreement had not been reached.