CKE Restaurants To Be Acquired By Affiliate Of Apollo Management (CKR)
CKE Restaurants (NYSE: CKR) has terminated a prior agreement to be acquired by Thomas H. Lee Partners for $11.05 per share in favor of a superior offer by an affiliate of Apollo Global Management. The private equity firm run by Leon Black has offered shareholders $12.55 for each of their shares in the quick service restaurant company. The transaction is valued at approximately $1 billion.
The deal with Thomas H. Lee was announced in February, but the terms provided CKE Restaurants (CKR) with 40 days to shop for a better offer. The transaction with Apollo's affiliate is expected to be completed by the end of the second quarter of fiscal 2011. Apollo Management is one of the world's largest private equity firms, with assets under management in excess of $30 billion.
