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Checkers calls up Taxi
February 16, 2006
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ClaudeTAMPA BAY, Fla. — Checkers Drive-In Restaurants Inc. announced that it has entered into a definitive agreement with Taxi Holdings Corp., an affiliate of Wellspring Capital Management LLC, a private equity firm. Taxi Holdings will acquire all of Checkers' outstanding shares for $15 per share in cash.
The total transaction value is approximately $188 million, including the assumption of Checkers' debt. The acquisition agreement has been approved by the Checkers board of directors and by the special committee of the board formed to explore strategic alternatives, and is expected to close in the second quarter of 2006. Completion of the transaction is subject to customary conditions and regulatory approvals and the approval of holders of a majority of Checkers' outstanding shares. Wellspring has furnished Checkers with commitment letters for the equity and debt financing necessary for the transaction, according to a MarketWatch report.
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