ATLANTA Private-equity firm Arcapita Inc. has reportedly hired Bank of America Merrill Lynch to explore a sale of Cajun Operating Co., the franchisor of the 1,650-unit Church's Chicken chain.   According to a report Wednesday on TheDeal.com, Atlanta-based Arcapita is entertaining bids of approximately $360 million for the Church's franchisor. Arcapita acquired Cajun Operating Co. from Popeyes' owner AFC Enterprises Inc. in 2004 for $390 ...

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