Restaurant chain Bojangles' Inc. (BOJA) said Tuesday it will be acquired by New York-based Durational Capital Management LP and Jordan Company L.P. in an all-cash deal that is expected to close in the first quarter of 2019.

The Charlotte--based chicken-and-biscuits chain said in a statement that its stockholders will receive $16.10 a share, a 39% premium to the closing share price on Feb. 12, a day before initial speculation about a potential deal, and about a 30% premium to the 90-day volume weighted average price ending on that date. The offer is a 15% premium to the closing share price of Sept. 27, a day prior to a published report that Bojangles' was exploring strategic alternatives.

The deal was unanimously approved by Bojangles' board and is subject to stockholder approval. Bojangles' majority agreed to vote its shares in favor of the acquisition.

Durational Capital Management LP is an investment firm and Jordan Company is a middle-market private equity firm that has managed funds with original capital commitments in excess of $11 billion since 1987.

Bojangles said it canceled its third-quarter conference call and webcast that was scheduled for Thursday, but it will release its quarterly results.

Shares of Bojangles Inc. were rising 0.3% in premarket trading to $16.06.