Bojangles’ moves closer to sale

0
Bojangles (Photo: WCPO)

CHARLOTTE, NC (AP) — A North Carolina-based chicken-and-biscuits chain is one step closer to having new, New-York based owners.

The Charlotte Observer reports that Bojangles’ shareholders approved the sale of the company to Durational Capital Management LP and The Jordan Company, L.P. A statement from the company says that over 88 percent of outstanding shares entitled to vote supported the proposed deal.

- Advertisement -

The sale was announced in November and is expected to close in the first quarter of the year. Under the terms of the merger agreement, stockholders will receive $16.10 per share in cash.

The chain was founded in Charlotte in 1977, and has been beset with a number of challenges since going public in 2015.

Bojangles’ is expected to remain as an independent, privately held company and retain its Charlotte headquarters.