CKE Restaurants' $928 million buyout offer last month from a private-equity firm has sparked speculation that more suitors will line up for the Hardee's and Carl's Jr. parent, according to sources familiar with the restaurant M&A environment.
One prominent name already being thrown around as a potential bidder is Nelson Peltz, the non-executive chairman of Wendy's/Arby's Group and a well-known activist investor. According to an article Thursday in the New York Post, Peltz may have his eye on the rival fast-food company.
Under its deal with Thomas H. Lee Partners, CKE will consider additional acquisition offers through April 6. The $928 million deal includes the assumption of $309 million in debt, and a per-share cash price of $11.05 per CKE share
