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.