CKE Restaurants Inc. said late Wednesday that its shareholders approved the proposed $1 billion buyout by affiliates of Apollo Management VII LP.
The company said the affirmative vote represented about 76 percent of the outstanding shares of common stock as of close of business on May 10. Of the shares voted at the meeting, about 99 percent were in favor of the deal.
Company officials at the Carpinteria, Calif.-based company, which owns the Carl’s Jr. and Hardee’s brands, said earlier this month they expected the deal to close by July 7.
Valued at $1 billion, the deal offered by private-equity firm Apollo Management included a cash offer of $12.55 per share and the refinancing of CKE’s debt. CKE’s stock closed Wednesday at $12.53 per share.
Apollo’s bid beat out an earlier offer valued at about $928 million by private-equity firm Thomas H. Lee Partners LP.
Apollo Management’s portfolio also includes AMC Entertainment, Harrah’s Entertainment and Claire’s retail stores.
CKE Restaurants operates, licenses or franchises 1,233 Carl’s Jr. and 1,901 Hardee’s locations in 42 states and 16 countries.
Contact Lisa Jennings at [email protected].