News

Stockholders approve CKE Restaurants takeover by Apollo

June 30, 2010

It's official. Stockholders of CKE Restaurants Inc., parent company of the Carl's Jr. and Hardee's brands, approved the proposal of merger on Wednesday by affiliates of Apollo Management VII L.P.

According to the final tally of shares voted, approximately 76 percent of the outstanding shares of common stock of CKE as of the close of business on May 10, 2010, participated in the vote. Of the shares that were voted at the meeting, approximately 99 percent were voted to approve the proposal.

All approvals, consents or consultations required to consummate the merger under U.S. antitrust laws have been obtained or made, and accordingly, the related condition to the consummation of the merger set forth in the merger agreement has been fully satisfied, the company said in a statement. The consummation of the merger remains subject to the satisfaction or waiver of certain other closing conditions set forth in the merger agreement and discussed in detail in the Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission by CKE on June 3.