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.
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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.
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