CKE stockholders approve $1B buyout

CKE Restaurants Inc. said late Wednesday that its shareholders approved the proposed $1 billion buyout by affiliates of Apollo Management VII LP.

Valued at USD 1 billion, Apollo’s bid beat out an earlier offer valued at about $928 million by private-equity firm Thomas H. Lee Partners LP.

CKE Restaurants operates, licenses or franchises 1,233 Carl’s Jr. and 1,901 Hardee’s restaurants in 42 states and 16 countries.