Bojangles' Inc. (BOJA) has reached agreement to be acquired by investment firm Durational Capital Management LP and The Jordan Company L.P., in an all-cash deal. The restaurant chain's shareholders will receive $16.10 per share, equal to a 39% premium over the closing share price as of Feb. 12, a day before speculation of a deal was first mooted. It is a 16% premium over the closing share price on Sept. 27, a day before a published report that Bojangles' was exploring strategic alternatives. Bojangles' will continue to be run as an independent, privately held company based in Charlotte, N.C. The company will no longer hold its fiscal third-quarter earnings call on Nov. 4, but will issue an earnings release after market close on Nov. 8.
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