Quaker State Corp said it signed a...

Quaker State Corp said it signed a definitive agreement to sell its Western chain of 102 Arctic Circle restaurants to a Pittsburgh-based investment fund. Oil City, Pa.-based Quaker State acquired the restaurants in 1985 to get Arctic Circle’s chain of motor oil changing shops, which have been renamed Quaker State Minute Lube Inc. The sale, for undisclosed terms to the Maverick Fund, was planned before New York investors led by Ardshiel Inc. made an unsolicited bid in April of $26.50 a share, or $675 million for the company, a Quaker State spokesman said.