Acquisition Roundup

Laracy, Alex
October 2004
Convenience Store News;10/16/2004, Vol. 40 Issue 13, p16
Trade Publication
This article reports that a federal bankruptcy court judge approved the sale of 20 DB Mart convenience stores and gas stations to Amerada Hess Corp. for $19.5 million, and 35 stores to Getty Properties Corp. for $24.8 million. Hess originally had bid $18 million for the 20 stores last month. However, it raised its offer by $1.5 million this week after Cumberland Farms made a last-minute offer to beat Hess and Getty's combined bid by $5 million, according to Dan Conn, the DB attorney. A group of 24 stores were purchased by Naeem Khalid, who is a principal in Sam's Food Store Corp., a convenience store chain based in Southington, Connecticut.


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