Apollo to Buy CKE

According to Nation’s Restaurant News, “CKE Restaurants Inc., parent of Hardee’s and Carl’s Jr., said it has accepted a buyout deal valued at $1 billion from an affiliate of Apollo Global Management.”

“The deal with Columbia Lake Acquisition Holdings Inc., which includes a cash offer of $12.55 a share and the refinancing of CKE ‘s debt, is expected to close by the end of the second quarter of 2011, the companies said in a statement Monday morning. CKE said it had terminated an earlier acquisition agreement from another private-equity firm, Thomas H. Lee Partners, for $11.05 per share, or about $615 million in cash. THL’s offer also included the assumption of $309 million in debt. In Monday trading, CKE’s stock price (CKR) declined 3.7 percent to close at $12.38″

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