New York private equity firm Apollo Management is the alternative bidder for Hardee’s parent CKE Restaurants Inc., rivaling an existing $928 million bid by Boston private equity from Thomas H. Lee Partners, Reuters reports.
Apollo owns AMC Entertainment, Noranda Aluminum, Harrah’s Entertainment and Claire’s, among other companies.
Carpinteria, Calif.-based CKE, which also owns Carl’s Jr., said Wednesday it had a second takeover offer but didn’t name the bidder. The fast-food chain agreed to THL’s offer in February but had 40 days to seek superior offers. That “go-shop” period expired at the end of Tuesday.
Hardee’s is based in St. Louis. Andy Puzder, CKE’s chief executive, is a graduate of Washington University’s law school, worked as a lawyer here, and splits his time between St. Louis and a home near Santa Barbara, Calif.
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