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Lisa Jennings
CARPINTERIA Calif. The rival buyout offer received by CKE Restaurants Inc. this week was from private-equity firm Apollo Management, Reuters reported Thursday.
CKE, the Carpinteria, Calif.-based parent to the Carl’s Jr. and Hardee’s chains, has until April 27 to evaluate the new offer.
On Wednesday, CKE said it had received a buyout offer that may be better than the bid made in February by private-equity firm Thomas H. Lee Partners LP to buy the company for $928 million. THL's offer includes the assumption of $309 million in debt and a per-share cash price of $11.05.
EARLIER:
CKE officials said they could not name the source of the rival offer because of a confidentiality agreement with the second bidder.
The new bid came in Tuesday just before the close of the “go shop” period that allowed CKE to consider competing offers. That period is now extended to April 27, and CKE officials said they hope to confirm one of the offers as the superior bid by that time. A shareholder vote is reportedly expected in late April.
Apollo Management’s portfolio includes AMC Entertainment, Harrah’s Entertainment and Claire’s retail stores.
Contact Lisa Jennings at [email protected].
