CHARLOTTE, N.C. (WNCN) – Bojangles’ will be acquired by Durational Capital Management LP and The Jordan Company, L.P. in an all-cash transaction expected to be completed in the first quarter of 2019, the company announced Tuesday.
Bojangles’, Inc. will be sold at $16.10 per share, which is a “39 percent premium to the closing share price of Feb. 12, 2018, a day prior to initial speculation regarding a potential transaction involving Bojangles’ and a premium of approximately 30 percent to the 90-day volume weighted average price ending on Feb. 12, 2018,” the release states.
The price per share is a 15 percent premium to the closing share price on Sept. 27, which is the day before a report was published stating that Bojangles’ could be looking to sell.
The acquisition was unanimously approved by the company’s board of directors, according to the release.
“For the Bojangles’ family of employees, franchisees, and our customers, today’s announcement represents an exciting next phase for this great brand. The new ownership group is committed to maintaining the qualities of this brand that have sustained it for over four decades,” said Randy Kibler, Bojangles’ Interim President and CEO in the release.
“In consultation with our outside advisors, the Board of Directors has been evaluating several strategic alternatives over the last several months. We are confident that this agreement offers a promising opportunity to realize the highest value for our stockholders while providing a strong path forward for the Bojangles’ brand, its employees, franchisees, and loyal customers,” said William A. Kussell, Director and Non-Executive Chairman of Bojangles’.