Quaker State will acquire Minit-Lub company.
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In its first entry into retail car maintenance, the leadings supplier of motor oil said it agreed to exchange 1.3 million shares of Quaker State common stock for all the shares of Salt Lake City-based Artic Circle, which operates 90 drive-in car lubrication outlets in seven Western states. The deal, which requires shareholder approval, is valued at $28.5-million and includes about 100 Artic Circle restaurants.
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