CARPINTERIA, Calif. CKE Restaurants Inc. said Tuesday it has deemed a second buyout bid for the company more attractive than the original $928 million deal with private equity firm Thomas H. Lee Partners LP.
The second bidder has offered a cash price of $12.55 per share, or about $695 million, for CKE Restaurants, the parent company to the Hardee’s and Carl’s Jr. quick-service chains. Lee Partners’ bid had totaled $11.05 per share, or about $615 million in cash. That deal also included the assumption of about $309 million in debt.
CKE Restaurants has until April 24 to execute on the offer from the second bidder, which is still unnamed. According to terms of the deal with Lee Partners, CKE Restaurants must also negotiate for at least four business days with the private equity firm.
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Contact Sarah E. Lockyer at [email protected].
