The Associated Press July 12, 2010, 3:27PM ET

Private equity firm wraps CKE Restaurants buyout

CKE Restaurants, which runs the Carl's Jr. and Hardee's chains, said Monday its acquisition by a private equity firm has been completed.

The company agreed to a $694 million offer in May from Columbia Lake Acquisition Holdings, an affiliate of Apollo Management VII LP.

That amounts to $12.55 per share. The company's shares were down a penny to $12.54 in afternoon trading.

CKE's management team will continue to run the company's day-to-day operations.

The fast-food industry and CKE have had a rough time pulling in consumers during the recession, with so many people out of work or eating at home.

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

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