CKE's New Bidder is Apollo Management

Private-equity firm Apollo Management is challenging an existing bid made by Thomas H. Lee Partners for CKE Restaurants, a report says.
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NEW YORK (

TheStreet

) -- Private-equity firm Apollo Management is challenging an existing bid made by Thomas H. Lee Partners for

CKE Restaurants

(CKR)

, a report says.

CKE said Wednesday it received an

alternative takeover proposal

to acquire all its outstanding shares but didn't name the buyer.

Reuters

, citing sources, reports the bidder is Apollo, which declined to comment.

When CKE, which owns the Hardee's and Carl's Jr. hamburger chains, agreed in February to be bought by Thomas H. Lee for $619 million cash, it had 40 days to seek superior offers, which expired on Wednesday, according to

Reuters

.

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