CKE Accepts Apollo Bid, Terminates THL Deal

PHILADELPHIA (Reuters) – CKE Restaurants Inc (CKR.N) said it accepted a $694 million takeover offer from affiliates of Apollo Management and terminated a lower-price pact with Thomas H. Lee Partners.

In a statement released on Saturday, CKE said it accepted the $12.55 per share offer from the Apollo affiliates. THL Partners, the original suitor, had failed to submit a higher counter proposal within the given timeframe.

CKE, the owner of the Hardee’s and Carl’s Jr. hamburger chains, had previously agreed to be acquired by THL Partners for $11.05 per share, or $619 million.

Shares of CKE closed Friday at $12.85 on the New York Stock Exchange. (Reporting by Jessica Hall; Editing by Bernard Orr)