Private-equity firm Thomas H. Lee Partners has agreed to take private CKE Restaurants, owner of fast-food chain Hardee’s, for about $619 million, but the company will have six weeks to find a higher offer.
The deal comes as CKE, which also owns restaurant chain Carl’s Jr., has struggled amid a decline in same-store sales. The company has avoided the deep discounting that some rivals have done to prevent sales declines.
Thomas H. Lee has agreed to pay $11.05 a share, a 24-percent premium to Thursday’s closing price, and assume $309 million of debt.
Under the agreement, CKE will “actively solicit superior proposals” from other parties until April 6. CKE said it won’t disclose progress on the solicitation process until its board has made a decision regarding any proposals.