The parent corporation of the Hardee's fast-food chain agreed to a higher buyout offer over the weekend.
CKE Restaurants agreed to be acquired by affiliates of private equity firm Apollo Management for $694 million. The per-share price of $12.55 trumped the February bid from Thomas H. Lee Partners, which was worth about $619 million, or $11.05 per share.
CKE shares closed Friday at $12.85.
The new deal will put Hardee's and the Carl's Jr. chains in new hands. Hardee's was started in Greenville and was based in Rocky Mount for many years.
Rocky Mount-based Boddie-Noell Enterprises is the country's largest Hardee's franchisee, operating nearly 350 stores in four states.
Like the rest of the fast-food industry, California-based CKE has been hurt by consumers cutting back during the recession. CKE's fourth-quarter revenue fell nearly 5 percent.
Assistant Business Editor Alan M. Wolf joined the N&O in 1999 covering the business of health care. He became an editor in 2001, and helps oversee the paper's daily business coverage and Sunday Work&Money section. He lives in Clayton with his wife and two children. Reach him at 919-829-4572 or
Comments
HARDEES
Mon, 04/26/2010 - 17:16 — ksy32rBoth north Raleigh Hardee's make great burgers. They are fresh, done right, and the fixings are fresh. My favorite places to go for a burger!
bad burgers
Mon, 04/26/2010 - 15:59 — SkepticalGirlI hope Hardees goes back to it's roots, whoever gets it. I haven't eaten there in years because of the poor quality of their food. I used to love their little char-broiled burgers. Now their mess is big and greasy, not to mention over-priced, and their commericals are obnoxious.