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$1B CKE acquisition deal finalized

By   /   Monday, July 12th, 2010  /   Comments Off on $1B CKE acquisition deal finalized

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CKE Restaurants, the parent company of Carl’s Jr., said July 12 that it has completed its $1 billion merger with private equity firm Apollo Management. The deal takes the Carpinteria-based fast food company private.

CKE executives have sought to reassure the company’s 179 employees on the South Coast that not much would change after a buyout. “As we said when we announced this deal several months ago, the CKE management team will stay in place and our day-to-day operations will remain the same,” said CKE CEO Andrew Puzder in a July 12 news release. “The Carl’s Jr. or Hardee’s restaurant you ate at yesterday will be the same tomorrow – still serving the big delicious burgers we are known for.”

Under the terms of acquisition agreement, CKE’s stockholders will receive $12.55 in cash per share of common stock. Puzder stands to be paid $24.8 million for his 1.98 million shares of CKE’s common stock.

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