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January 14, 2019

Bojangles’ receives stockholders approval for acquisition

US-based fast food chain Bojangles' has received approval from its stockholders for the proposed acquisition by Durational Capital Management and The Jordan in an all-cash transaction.

US-based fast food restaurant chain Bojangles’ has received approval from its stockholders for the proposed acquisition by Durational Capital Management and The Jordan in an all-cash transaction.

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During a special meeting at the company’s corporate offices, more than 88% of stockholders voted in favour of the deal, representing approximately 33.4 million shares.

The deal was announced on 6 November last year. Under this, the restaurant chain’s stockholders will receive $16.10 a unit upon completion of the merger.

While signing the deal, Bojangles’ interim president and CEO Randy Kibler said: “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.”

“The new ownership group is committed to maintaining the qualities of this brand that have sustained it for over four decades.”

The deal is currently subject to the satisfaction of customary closing conditions and is expected to close in the first fiscal quarter of next year.

Following completion of the transaction, Bojangles’ will operate as an independent, privately held entity and remain based in Charlotte, North Carolina. It will also cease trading on the NASDAQ Global Select Market.

Bojangles’ currently operates 759 system-wide restaurants, including 319 company-operated and 440 franchised locations across the US.

The chain offers a range of menu items, including biscuit breakfast sandwiches, hand-breaded bone-in chicken, sides and iced tea.

Free Report
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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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