CKE Restaurants Inc. will now be acquired by private equity investment firm Thomas H. Lee Partners. Both the companies announced today that they have entered into a definitive merger agreement under which Thomas H. Lee will acquire CKE for approximately $928 million, including the assumption of approximately $309 million of net debt. CKE is the owner of Carl's Jr. and Hardee's quick service restaurant chains, and Thomas H. Lee Partners is one of the oldest and most successful private equity investment firms in the United States.

Under the terms of the agreement, the stockholders of CKE will receive $11.05 in cash for each share of CKE common stock they hold, representing a 24% premium to the Company's closing share price on February 25, 2010. The deal is expected to close in the second quarter of 2010, subject to approval by CKE shareholders, regulatory approval, and other customary closing conditions.

CKE Restaurants Inc. had a total of 3147 franchised, licensed or company operated restaurants in 42 states and in 14 countries. The board of CKE said that acquisition was the right decision by the company as Thomas H. Lee has prior experience in the consumer sector.

"We are excited to announce this transaction which provides substantial value to our shareholders," said Byron E. Allumbaugh, CKE's Chairman of the Board.