CKE Completes Summit Family Acquisition

CKE Restaurants Inc. said it has completed its previously announced acquisition of Summit Family Restaurants, Inc.

Summit shareholders will receive stock and cash valued at about $24 million. During a shareholder meeting last Friday in Salt Lake City, 65.1% of Summit’s shares were voted in favor of the deal. Summit operates 124 JB’s Restaurants, Hometown Buffets and Galaxy Diners in western states. Anaheim-based CKE is the parent company of the Carl’s Jr. chain.