Uni-Marts Inc., an operator of convenience stores throughout the Mid-Atlantic, has agreed to be acquired by HFL Corp., a company controlled by Uni-Marts’ top management, for $2.25 per share.

HFL is a privately-held corporation controlled by Henry D. Sahakian, Chief Executive Officer and Chairman of the Board of Uni-Marts, and Daniel Sahakian, a Director of Uni-Marts and the brother of Henry Sahakian.

"While management of the Company will continue to pursue its previously-announced divestiture plan, the execution of such plan will require an extended period of time. Management is anxious to create liquidity for the Uni-Marts shareholders as soon as possible. We are therefore gratified to be able to offer the Uni-Marts shareholders a cash price for their shares representing a significant premium to the recent market price of the shares,” said Henry D. Sahakian.

HFL has delivered to Uni-Marts a $250,000 cash deposit which is not refundable if HFL is unable to proceed to closing for any reason other than the inability to execute a mutually agreeable definitive merger agreement, the failure by the Uni-Marts Board to obtain a favorable fairness opinion or the failure to obtain the required consents of the company’s lenders

The offer will expire June 27 if the parties fail to strike a definitive agreement. 

Uni-Marts operate 294 convenience stores and Choice Cigarette Discount Outlets in Pennsylvania, New York, Delaware, Maryland and Virginia, with 238 of these locations selling self-service gasoline.