CKE Plans to Acquire Remaining Hardee’s

Carl’s Jr. parent CKE Restaurants Inc., looking to gain complete control of the Hardee’s burger chain, said it plans to buy the remaining 557 Hardee’s restaurants it doesn’t own from South Carolina-based Advantica Restaurants Group Inc. Anaheim-based CKE would pay $415 million in cash and stock to Advantica, which was known as Flagstar Cos. before emerging from Chapter 11 bankruptcy protection earlier this month. The acquisition, which had been rumored for months, would give CKE the capability to convert all 3,605 Hardee’s into Carl’s Jr. restaurants, giving Carl’s Jr. a long-sought nationwide presence. CKE already owns Hardee’s Food Systems Inc., franchiser of the Hardee’s name and owner of 867 Hardee’s restaurants. Franchisees own an additional 2,181 Hardee’s. Advantica would put $170 million of the proceeds into its five remaining restaurant chains, including El Pollo Loco, Coco’s and Carrows, all based in Irvine. CKE’s shares rose $2.63 to close at $38.25 on the New York Stock Exchange.