Lee Partners to buy Carl’s Jr. and Hardee’s restaurants from CKE for about $619M plus debt
By APFriday, February 26, 2010
Lee to buy CKE Restaurants for $619M and debt
CARPINTERIA, Calif. — Thomas H. Lee Partners says it will buy the owner of the Carl’s Jr. and Hardee’s restaurants for about $619 million in cash.
The private equity firm said Friday that it will also assume about $309 million in debt from CKE Restaurants.
CKE shareholders will receive $11.05 in cash for each share they own, a 24 percent premium to its Thursday closing price of $8.91. Shares of CKE spiked 23 percent in after-hours trading.
CKE is allowed to seek third-party offers for 40 days, until April 6.
The deal is expected to close in the second quarter.
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