Morgan Lewis, Morris Nichols Rep Apollo In $1B Deal

Law360, New York (April 26, 2010, 6:17 PM EDT) -- CKE Restaurants Inc., which operates Carl's Jr. and Hardee's restaurant chains, has agreed to sell itself for $1 billion to asset manager Apollo Global Management, abandoning an earlier $619 million offer from Thomas H. Lee Partners LP.

Under the definitive merger agreement, CKE said its shareholders will receive $12.55 per share of common stock, a 41 percent premium on the company's Feb. 25 closing price. Apollo will also refinance all of CKE's outstanding debt, according to the announcement.

CKE revealed Saturday that it had terminated the...
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