CKE Restaurants Inc., which owns, runs and franchises restaurant brands including Carl’s Jr. and Hardee’s, said Tuesday it agreed to buy back 4.1 million shares of its stock for $77.3 million, or $18.97 per share.

The company is purchasing the shares from Pirate Capital LLC through an already-announced stock repurchasing plan. The shares amount to 6.1 percent of its total outstanding shares as of April 3.

The company anticipates the buyback will close on April 5.

CKE said it expects to use its revolving credit facility to pay for the transaction.

CKE gained 20 cents to $19.20 in after-hours trading, after adding 3 cents to close at $19 on the New York Stock Exchange.

-----------------------
Further Reading
CKE Seeks to Refranchise 200 Restaurants
Hardee’s franchisee acquires $8.5 million to buy Atlanta stores
Spicy Pickle plots growth curve
Selling your franchise
Panera Bread Buys 32 Bakery-Cafes

This entry was posted on Wednesday, April 4th, 2007 at 2:40 pm and is filed under Franchise News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.