CKE Restaurants Agrees to Apollo Bid

CKE Restaurants has agreed to be taken over by private-equity firm Apollo Management for $12.55 a share in cash.
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CARPINTERIA, Calif. (TheStreet) -- CKE Restaurants (CKR) has agreed to be taken over by private-equity firm Apollo Management for $12.55 a share in cash.

CKE Restaurants, which owns the Hardee's and Carl's Jr. hamburger chains,

announced it had accepted Apollo's $694 million bid in a news release Saturday

.

The company added that it was terminating its earlier merger agreement with Thomas H. Lee Partners.

Earlier this month,

Apollo Management challenged Thomas H. Lee's bid

.

Shares of CKE Restaurants lost 2 cents Friday to close at $12.85.

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This article was written by a staff member of TheStreet.com.