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Apollo affiliate outbids Lee group for CKE

Associated Press / April 26, 2010

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CARPINTERIA, Calif. — The operator of Carl’s Jr. and Hardee’s restaurants has accepted a higher buyout offer from a second suitor, an affiliate of Apollo Management VII LP, worth $694 million.

The bid for CKE Restaurants Inc. topped a previous bid worth $619 million from affiliates of another private equity firm, Boston-based Thomas H. Lee Partners.

CKE Restaurants Inc. said it took the offer, worth $12.55 per share, from Apollo affiliate Columbia Lake Acquisition Holdings Inc.

Lee was among a trio of investment firms that bought Dunkin’ Brands Inc. in 2006.

CKE operates and franchises 3,141 restaurants in 42 states.