Bojangles’ Goes Private with Duration

yummm…., credit wikimedia commons

Bojangles’, Inc. (NASDAQ: BOJA) announced on November 6 that it has agreed to be acquired by Durational Capital Management LP and The Jordan Company, L.P. This is an all cash transaction valued at approximately $600 million. Bojangles’ will receive $16.10 per share that they own. The transaction is expected close in the first quarter of 2019 and has been unanimously approved by Bojangles’ Board of Directors. Bojangles’ will continue to operate as a privately-held company upon completion of the deal. Randy Kibler, Interim President and CEO at Bojangles’, stated, “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.” Bank of America Merrill Lynch served as financial adviser to Bojangles’ alongside Shearman & Sterling LLP as legal counsel. Citigroup Global Markets Inc. acted as financial adviser to the acquirers with Akin, Gump, Strauss & Feld LLP, Kirkland & Ellis LLP, and Seyfarth Shaw LLP as legal counsel.

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