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The chain of restaurants Bojangles & # 39; Inc. (BOJA) announced Tuesday that it would be taken over by New York-based Durational Capital Management LP and Jordan Company LP, as part of a fully cash transaction expected to close in the first quarter of 2019 .
The Charlotte-based chain of chickens and biscuits said in a statement that its shareholders would receive $ 16.10 per share, a 39% premium over the closing stock price on Feb. 12, a day before the initial speculation on a potential deal, and approximately a 30% premium at 90-day volume weighted average price ending on that date. The offer represents a 15% premium over the closing price of September 27, a day before the release of a report stating that Bojangles was exploring strategic alternatives.
The agreement was unanimously approved by Bojangles' Board of Directors and is subject to shareholder approval. The majority of Bojangles agreed to vote its shares in favor of the acquisition.
Durational Capital Management LP is an investment company and Jordan Company is a mid-market private equity firm that manages funds with initial capital commitments of more than $ 11 billion since 1987.
Bojangles has announced the cancellation of its third quarter teleconference and webcast, scheduled for Thursday, but will release its quarterly results.
Bojangles Inc. shares rose 0.3% in pre-market trading to $ 16.06.
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