CKE Restaurants Makes Bid for Summit

Shareholders of Summit Family Restaurants Inc. in Salt Lake City are scheduled to vote Friday on a friendly takeover bid by CKE Restaurants Inc., the Anaheim-based operator of the Carl’s Jr. chain.

Summit shareholders would receive $25.9 million in cash and stock if the merger is approved. CKE’s offer includes $2.63 in cash and 0.1043 shares of CKE common stock for each share of Summit.

Summit operates 124 JB’s Restaurants, Hometown Buffets and Galaxy Diners in western states.

Greg Johnson covers retail businesses and restaurants for The Times. He can be reached at (714) 966-5950 and at greg.johnson@latimes.com.