CKE Restaurants Inc. has announced the completion of its acquisition by Columbia Lake Acquisition Holdings Inc., an affiliate of Apollo Management VII L.P.
CKE's chief executive Andrew F. Puzder said, "Our management team, franchisees and employees are excited to be entering this new phase and look forward to working with Apollo as we continue to grow the company and bring our great tasting premium-quality burgers to guests across the globe. 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."
Peter P. Copses, senior partner at Apollo, said, "We are very pleased that Apollo's acquisition of CKE closed today. We are proud to acquire such a well-run business that boasts two outstanding quick-service restaurant brands in Carl's Jr. and Hardee's. We look forward to working with CKE's excellent management team and its dedicated employees and franchisees to continue to enhance the growth of the business."
Pursuant to the terms of the merger agreement, CKE's stockholders are entitled to receive $12.55 in cash, without interest, less any applicable withholding taxes, for each share of CKE common stock owned by them. As a result of the merger, CKE's common stock won't be listed for trading on the New York Stock Exchange.
Stockholders of record will receive a letter of transmittal and instructions on how to surrender their shares of CKE common stock in exchange for the merger consideration. Stockholders of record should wait to receive the letter of transmittal before surrendering their shares.
