CKE Restaurants agrees to $918M buyout

Hardee's
February 26, 2010
Source
Nation's Restaurant News
CKE Restaurants Inc., the parent to the Carl’s Jr. and Hardee’s chains, said Friday it has agreed to a $918 million acquisition offer from private-equity firm Thomas H. Lee Partners.

The deal includes the assumption of $309 million in debt, leaving the cash price tag at $619 million. CKE shareholders will receive $11.05 in cash per share, which represents a 24-percent premium over CKE's closing price Thursday of $8.91.

On news of the deal Friday, shares of the fast-food company shot up 27.6 percent to close at $11.37 per share, which skimmed the company's 52-week high of $11.52 per share and placed the stock above the pending purchase price.

The stock's reaction has sparked speculation among stock watchers that higher bids for CKE will come in during the next few weeks. Under the agreement, CKE will solicit additional buyout proposals through April 6.

CKE operates or franchises 1,221 Carl's Jr. and 1,913 Hardee's restaurants.
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Related Topics:

QSR, Restaurant and Food Service TrendsMergers and Acquisitions
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Highlighted Company

  • Hardees

    Hardee's is one of the CKE Restaurant Inc. restaurant brands. CKE Restaurants, Inc. (CKE), through its subsidiaries, franchisees and licensees, operates some of the most popular U.S. regional brands in quick-service and fast-casual dining, including the Carl’s Jr.®, Hardee’s®, Green Burrito® and Red Burrito® restaurant brands.

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