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Bojangles "is being acquired.
The Charlotte-based chain of chickens and biscuits said Tuesday in a statement that it had agreed to be bought in full cash between two New York companies, Durational Capital Management LP and The Jordan Company, L.P.
Shareholders will receive $ 16.10 per share, which represents a 39% premium over the closing stock price on February 12, a day before speculation that Bojangles could sell.
The transaction, which is subject to shareholder approval, is expected to be finalized in the first quarter of fiscal 2019. Bojangles stated in a statement that at the closing of the transaction, it will continue to operate as a private company will remain based in Charlotte.
Bojangles', which started in Charlotte in 1977, Since its IPO in 2015, many challenges have arisen. According to experts, Bojangles could be a redemption goal.
Bojangles' announced this summer that its quarterly profit had dropped more than 71%. Leaders took a number of steps to improve the chain's financial health, including closing underperforming restaurants, eliminating unpopular menus, and reviewing the company's plans for expansion.
Clifton Rutledge abruptly retired as CEO in March after nearly four years as Bojangles' CEO. Randy Kibler, who led the company from 2007 to 2011, became acting CEO.
"For the family of Bojangles employees, franchisees and customers, today's announcement represents an exciting new step for this great brand," Kibler said in a statement. "The new property group is committed to preserving the qualities of this brand that has supported it for more than four decades."
This is a story in development.
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