Pixel Tracker

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).

Support Noozhawk Today!

Our professional journalists work tirelessly to report on local news so you can be more informed and engaged in your community. This quality, local reporting is free for you to read and share, but it's not free to produce.

You count on us to deliver timely, relevant local news, 24/7. Can we count on you to invest in our newsroom and help secure its future?

We provide special member benefits to show how much we appreciate your support.

Email
I would like give...
Great! You're joining as a Red-Tailed Hawk!
  • Ask
  • Vote
  • Investigate
  • Answer

Noozhawk Asks: What’s Your Question?

Welcome to Noozhawk Asks, a new feature in which you ask the questions, you help decide what Noozhawk investigates, and you work with us to find the answers.

Here’s how it works: You share your questions with us in the nearby box. In some cases, we may work with you to find the answers. In others, we may ask you to vote on your top choices to help us narrow the scope. And we’ll be regularly asking you for your feedback on a specific issue or topic.

We also expect to work together with the reader who asked the winning questions to find the answer together. Noozhawk’s objective is to come at questions from a place of curiosity and openness, and we believe a transparent collaboration is the key to achieve it.

The results of our investigation will be published here in this Noozhawk Asks section. Once or twice a month, we plan to do a review of what was asked and answered.

Thanks for asking!

Click Here to Get Started >

Reader Comments

Noozhawk is no longer accepting reader comments on our articles. Click here for the announcement. Readers are instead invited to submit letters to the editor by emailing them to [email protected]. Please provide your full name and community, as well as contact information for verification purposes only.

Daily Noozhawk

Subscribe to Noozhawk's A.M. Report, our free e-Bulletin sent out every day at 4:15 a.m. with Noozhawk's top stories, hand-picked by the editors.

Sign Up Now >

Meet Your Realtor Sponsored by Village Properties

Photo of Elizabeth Wagner
Elizabeth Wagner
"I typically do whatever it takes to properly expose the property and get it out to the widest possible audience."

Full Profile >