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.