Apollo To Buy CKE For $694M
Private equity investment firm, Apollo Management Group, is buying CKE Restaurants for $694 million.
Private equity investment firm, Apollo Management Group, is buying CKE Restaurants for $694 million, The Wall Street Journal reports. CKE rejected Thomas H Lee Partners’ $619 million bid in February 2010.
CKE accepted the $12.55 per share offer from the Apollo affiliate, Columbia Lake Acquisition, as THL failed to submit a higher counter proposal within the given timeframe, adds Business Journal. CKE Restaurants is the operator of the Carl’s Jr and Hardee’s fast-food chains.
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