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.

The parent of the Hardee's fast-food chain reported weaker fourth-quarter sales as the economic slump and tougher competition hurt business.

CKE Restaurants, which last month agreed to be bought by a private equity firm, reported that revenue fell 5 percent in the quarter that ended Jan. 31 to $311.7 million. Sales at Hardee's outlets owned by CKE fell 2.5 percent.

CKE officials have until April 6 to solicit higher takeover offers, but the company's stock fell below the proposed takeover price today, suggesting that investors don't expect a better offer to come along.

The corporate parent of Hardee's, the restaurant chain with deep roots in eastern North Carolina, agreed to be bought by a private equity firm for about $928 million.

CKE Restaurants, which bought Hardee's in 1997, this morning announced the deal with Thomas H. Lee Partners LP.

CKE investors will receive $11.05 in cash for each share. That's 24 percent more than CKE's closing price of $8.91 on Thursday.

The company's shares jumped $2.26 to $11.17 in morning trading. That price suggests that investors expect a better price from Thomas Lee or another suitor.

As part of its deal, CKE has until April 6 to solicit better offers. Thomas Lee is a Boston-based buyout firm.