CKE Restaurants Goes With Apollo Offer
April 27, 2010- Share:
CKE Restaurants (NYSE: CKR) has terminated its merger agreement with Thomas H. Lee Partners in favor of a higher offer from Apollo Investment Management. Apollo's $12.55 per share offer represents a 41% premium to CKE's share price prior to rumors about a possible sale and a 14% premium to THL's $11.05 per share offer. Morgan Stanley, Citigroup and RBC Capital Markets have committed to provide in aggregate $700 million in financing in support of the transaction and a refinancing of CKE's outstanding indebtedness. THL is set to receive a $15.47 million termination fee from CKE and $5 million to reimburse it for fees and expenses.
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