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Illustration: Eniola Odetunde/Axios

Marathon Petroleum (NYSE: MPC) this week is expected to get first-round bids of between $15 billion and $18 billion for its Speedway gas station chain.

Why it matters: The price tag is large, but still reflects a pretty steep pandemic discount. Marathon had been in exclusive negotiations to sell Speedway for between $20 billion and $22 billion to 7-Eleven owner Seven & i Holdings, before talks fizzled in early March.

  • First-round bidders reportedly will include Seven & i Holdings (Tokyo: 3382), Circle K owner Alimentation Couche-Tard (TSX: ATD), and private equity firm TDR Capital.

The bottom line: "If Marathon does not secure a sale of Speedway, it will seek to spin it off to its shareholders. Under pressure from hedge fund Elliott Management, the Findlay, Ohio-based company has said the spin-off would happen by the first quarter of 2021. Speedway comprises more than 3,900 convenience stores." — David French & Greg Roumeliotis, Reuters

Go deeper

Kendall Baker, author of Sports
Sep 15, 2020 - Sports

Steve Cohen agrees to buy Mets

Illustration: Aïda Amer/Axios

Steve Cohen, a hedge fund billionaire from Long Island, has reached an agreement to buy the Mets.

Details: Cohen will own 95% of the team, with the Wilpon and Katz families retaining the other 5%. The sale values the Mets at $2.42 billion, per Sportico, making it the most ever paid for an MLB franchise, topping the $2.15 billion paid for the Dodgers and surrounding real estate in 2012.

Dan Primack, author of Pro Rata
23 mins ago - Economy & Business

Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.