Apollo is rival bidder for CKE Restaurants
NEW YORK (Reuters) - Private equity firm Apollo Management is the alternative bidder for CKE Restaurants Inc CKR.N, rivaling an existing bid by Thomas H. Lee Partners THL.UL, two sources briefed on the situation said on Wednesday.
CKE, owner of the Hardee's and Carl's Jr. hamburger chains, said earlier on Wednesday that an unnamed bidder had made an alternative offer to its deal to be taken private by THL, but it did not identify the bidder.
When the fast food chain agreed in February to be bought by the private equity firm for $619 million cash, it had 40 days to seek superior offers.
This "go shop" period expired on Wednesday at 12:01 p.m. EDT.
Apollo declined comment. CKE declined to comment on the bidder's identity.