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Friday, March 22 , 2019, 2:27 pm | A Few Clouds 61º


Shareholders Approve Buyout of CKE Restaurants of Carpinteria

The owners of Carl's Jr. and Hardee's chains accepted a takeover bid worth $1 billion

CKE Restaurants Inc. announced late Wednesday that shareholders voted to adopt the company’s $1 billion deal to sell the Carpinteria-based hamburger chain to affiliates of Apollo Management.

About 76 percent of the holders of CKE’s common stock voted to approve the proposal to adopt the deal. Andy Puzder, head of the company, owns more than 1.3 million of those shares.

Of the shareholders who voted at the meeting, about 99 percent approved the proposed takeover.

CKE officials accepted a takeover offer in April worth $1 billion, including $694 million in cash, or $12.55 per share, as well as refinancing of debt, from Columbia Lake Acquisition Holdings Inc. and Columbia Lake Acquisition Corp., affiliates of New York private equity firm Apollo Management.

CKE Restaurants is the parent company of the Carl’s Jr. and St. Louis-based Hardee’s restaurant chains. It employs about 200 workers on the South Coast.

It has 3,141 franchised, licensed or company-operated restaurants in 42 states and in 16 countries.

Noozhawk contributor Ray Estrada can be reached at .(JavaScript must be enabled to view this email address).

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