February 17, 1996 |
Tosco Corp. agreed Friday to buy Circle K Corp. in a $900-million deal that would more than double Tosco's gasoline sales and make it the nation's largest operator of company-owned convenience stores. The purchase is the latest in a stream of major acquisitions for Stamford, Conn.-based Tosco, which has aggressively expanded market share as other companies have pulled out of the volatile refining and marketing industry.
September 6, 1995 |
National Convenience Stores Target of Hostile Bid: Circle K Corp. said it will begin a $20-a-share hostile offer for the company and that it filed two lawsuits seeking to kill National Convenience's takeover defenses, including the Houston-based company's new "poison pill." Circle K values the offer at about $232 million, including the assumption of about $103 million in National Convenience debt.
July 13, 1995 |
Unocal to Revamp, Add Gas Stations: Unocal Corp. told Wall Street analysts that it will spend $250 million over the next three years to improve existing service stations in an effort to double pretax cash flow from the Los Angeles-based oil company's refining and marketing units. Meanwhile, Unocal and Circle K Corp.
June 1, 1993 |
Three years after Circle K Corp.'s overambitious expansion plans landed it in bankruptcy court, the convenience store operator--minus much of its debt and 1,900 outlets--is close to completing its reorganization. Circle K is proposing that some of its major creditors receive $399.5 million that an investment group has offered for the Phoenix-based company. U.S. Bankruptcy Court Judge George B. Nielsen Jr.
December 9, 1992 |
Circle K Bankruptcy Plan Amended: Commonwealth Oil Refining Co. revised its reorganization plan for Circle K Corp. to include $390 million in cash to creditors, most of it supplied by a Saudi prince. Under the amended plan to be filed later this week, one of three competing for the convenience store chain, the Saudi prince would acquire a minority interest in Irving, Tex.-based Commonwealth.