CKE Gets Alternative Takeover Offer

CKE Restaurants received an alternative takeover proposal to acquire all its outstanding shares.
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NEW YORK (TheStreet) -- CKE Restaurants (CKR) said Wednesday it received an alternative takeover proposal to acquire all its outstanding shares.

CKE Restaurants said its board has determined "after consultation with the company's financial and legal advisors, that the takeover proposal is reasonably expected to lead to a 'superior proposal,' as such term is defined in the agreement and plan of merger that was entered into on February 26, 2010 with affiliates of

private equity firm Thomas H. Lee Partners."

CKE Restaurants said that its board hasn't determined that the takeover proposal constitutes a superior proposal.

CKE didn't disclose the identity of the company making the proposal.

-- Reported by Andrea Tse in New York

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