CKE Restaurants, Inc. Announces Completion of Acquisition by an Affiliate of Apollo Management
13 July 2010 - 3:16AM
Business Wire
CKE Restaurants, Inc. (NYSE: CKR) (“CKE”) today announced the
completion of its acquisition by Columbia Lake Acquisition
Holdings, Inc., an affiliate of Apollo Management VII, L.P.
(“Apollo”).
CKE’s chief executive officer, Andrew F. Puzder, stated: “The
acquisition of CKE by an affiliate of Apollo was finalized today,
July 12, 2010. Our management team, franchisees and employees are
excited to be entering this new phase and look forward to working
with Apollo as we continue to grow the company and bring our
great-tasting premium-quality burgers to guests across the globe.
As we said when we announced this deal several months ago, the CKE
management team will stay in place and our day-to-day operations
will remain the same. The Carl’s Jr. or Hardee’s restaurant you ate
at yesterday will be the same tomorrow – still serving the big
delicious burgers we are known for. This is a great day for the
entire CKE family and we are eager to continue building upon our
success with the team at Apollo.”
Peter P. Copses, Senior Partner at Apollo, stated: “We are very
pleased that Apollo’s acquisition of CKE closed today. We are proud
to acquire such a well-run business that boasts two outstanding
quick service restaurant brands in Carl’s Jr. and Hardee’s. We look
forward to working with CKE’s excellent management team and its
dedicated employees and franchisees to continue to enhance the
growth of the business.”
Pursuant to the terms of the merger agreement, CKE’s
stockholders are entitled to receive $12.55 in cash, without
interest, less any applicable withholding taxes, for each share of
CKE common stock owned by them. As a result of the merger, CKE’s
common stock will no longer be listed for trading on the New York
Stock Exchange.
Stockholders of record will receive a letter of transmittal and
instructions on how to surrender their shares of CKE common stock
in exchange for the merger consideration. Stockholders of record
should wait to receive the letter of transmittal before
surrendering their shares.
About CKE
As of the end of its first quarter of fiscal 2011, CKE, through
its subsidiaries, had a total of 3,146 franchised, licensed or
company-operated restaurants in 42 states and in 16 countries,
including 1,233 Carl's Jr. Restaurants and 1,901 Hardee’s
restaurants. For more information about CKE, please visit
www.ckr.com.
About Apollo
Apollo Global Management, an affiliate of Apollo, is a leading
global alternative asset manager with offices in New York, Los
Angeles, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong
Kong. Apollo Global Management had assets under management of over
$53 billion as of December 31, 2009, in private equity,
credit-oriented capital markets and real estate funds invested
across a core group of nine industries where Apollo Global
Management has considerable knowledge and resources.
Forward-Looking Statements
This filing contains "forward-looking statements" within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements give
CKE’s current expectations or forecasts of future events. Such
statements are subject to risks and uncertainties that are often
difficult to predict and beyond CKE’s control, and could cause
CKE’s results to differ materially from those described. CKE
undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by law. Accordingly,
any forward-looking statement should be read in conjunction with
the additional information about risks and uncertainties as
discussed in CKE’s filings with the Securities and Exchange
Commission.
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