Bojangles' to be sold in cash deal in 2019
Posted November 6, 2018 8:57 a.m. EST
Updated November 6, 2018 4:26 p.m. EST
Charlotte, N.C. — Bojangles' announced Tuesday its plans to be sold.
The Charlotte-based company has entered an agreement with Durational Capital Management LP and The Jordan Company, L.P. in an all-cash deal, according to a press release from Bojangles' headquarters.
According to the release, Bojangles' stockholders will receive $16.10 per share, which represents a 39-percent premium to the closing share price of February 12, 2018.
The transaction is expected to be completed in the first quarter of fiscal year 2019.
“For the Bojangles’ family of employees, franchisees, and our customers, today’s announcement represents an exciting next phase for this great brand. The new ownership group is committed to maintaining the qualities of this brand that have sustained it for over four decades,” said Randy Kibler, Bojangles’ Interim President and CEO.
The deal was unanimously approved by Bojangles’ Board of Directors, the company said.
"We are confident that this agreement offers a promising opportunity to realize the highest value for our stockholders while providing a strong path forward for the Bojangles’ brand, its employees, franchisees, and loyal customers,” said William A. Kussell, Director and Non-Executive Chairman of Bojangles’.