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.
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 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.