Larry Penkava
RANDLEMAN — Murphy Oil has raised the stakes yet again. A bidding war between Murphy and Kelley Properties, which represents Sheetz, continues as Murphy sees the latest Sheetz bid and raises the ante. Both companies want an acre lot in Randleman owned by Randolph County and used as an ambulance base.
Murphy started the high-stakes competition last August when the company offered the county $450,000 for the site on the corner of Academy and High Point streets. Murphy Oil and Sheetz both own national chains of convenience stores/gas stations.
Murphy's latest bid, $850,500, came in on Tuesday, March 2, the deadline for upsetting the Kelley Properties offer of $810,000. After publication on Friday, March 5, the deadline for yet another upset bid is 5 p.m., March 15.
A bid of at least $893,127.50 is needed to upset Murphy's latest bid. That must be accompanied by a deposit of 5 percent, or $44,656.38.
The two bidders have built up deposits so far of $42,500 for Murphy and $40,500 for Sheetz. When upping their bids, they just add to what they've already deposited.
Once the bidding ends, the one pulling out gets its money back. The other wins the bidding war.
