CKE Restaurants agrees to private equity buyout.

MANews-(C)2009-2010

US quick-service restaurant chain operator CKE Restaurants (NYSE:CKR) said Friday it has agreed to be acquired by buyout firm Thomas H. Lee Partners for USD928m (EUR682m), including the assumption of USD309m of net debt.

Under the agreed terms, CKE's shareholders will get USD11.05 per share in cash, which represents a 24% premium to the company's close on 25 February. CKE, however, said it would "actively" seek higher offers from third parties for a period of 40 days.

The deal is scheduled to close in the second quarter of 2010 upon receipt of shareholders and regulatory approval.

UBS Investment Bank is acting as financial advisor to CKE, while Stradling, Yocca, Carlson & Rauth is serving as legal advisor to CKE.

Ropes & Gray LLP is couselling THL on legal matters, while BofA Merrill Lynch and Barclays Capital are acting as financial advisors to the company. The investment banks have also provided financing to THL to support the deal.

Country: ; USA

Sector: Hotels/Restaurants/Casinos/Catering;

Target: CKE Restaurants Inc

Buyer: Thomas H. Lee Partners LP

Deal size in USD: 619m

Type: LBO

Financing: Cash & Debt

Status: Agreed

Buyer advisor: Barclays Capital ; BofA Merrill Lynch; Ropes & Gray LLP