Bojangles’ shareholders OK acquisition

The deal, which takes the chicken and biscuit chain private, is expected to be finalized in the coming months.
Photograph: Shutterstock

Bojangles’ Famous Chicken 'n Biscuits stockholders Thursday approved the company’s sale to two New York City-based investment firms.

The deal, which was originally announced in November, will take the struggling Charlotte, N.C.-based chicken and biscuit chain private once the sale to Durational Capital Management and The Jordan Company is final.

The transaction, which gives stockholders $16.10 per share, is expected to close during the first fiscal quarter.

Bojangles’ has weathered difficulties in recent months, shuttering some units and refranchising others. Its former CEO, Clifton Rutledge, resigned suddenly early last year. Randy Kibler, who has previously worked as president, CEO and director of the company, has served as interim president since the resignation.

Bojangles’ joins a large number of once-public restaurant companies opting to go private recently, including Sonic Corp., Buffalo Wild Wings and Zoes Kitchen.

Bojangles’, which is primarily located in the Southeastern U.S., currently has 759 units, of which 440 are franchised.

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