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Summit Family Restaurants Inc

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BUSINESS
December 2, 1995 | Times Staff and Wire Reports
Carl's Jr. Parent Acquires Utah Chain: CKE Restaurants Inc., which operates the Carl's Jr. fast-food chain in Anaheim, plans to acquire Salt Lake City-based Summit Family Restaurants Inc. for cash and stock valued at $34.5 million, the companies said. CKE intends to sell most of Summit's 104 JB's family-style restaurants and 16 HomeTown Buffet restaurants after the deal is completed early in 1996. Cash generated by the planned sale would be used to refurbish the 668-unit Carl's Jr.
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BUSINESS
January 26, 1996
CKE Restaurants Inc. said it boosted the price it will pay for Summit Family Restaurants Inc. by 1.6% to $32.3 million in cash and stock. The amended agreement reflects an increase in the number of shares outstanding in Summit Family, a Salt Lake City restaurant company. Under the amended agreement, CKE, Anaheim-based parent of the Carl's Jr. chain, will pay $2.77 a share in cash and 0.1738 shares of CKE common stock, valued at $2.78 a share. Summit currently has 5.
BUSINESS
July 16, 1996 | GREG JOHNSON, TIMES STAFF WRITER
Shareholders of Summit Family Restaurants have approved the Salt Lake City chain's $24-million acquisition by CKE Restaurants Inc., Summit executives said Monday. Summit said that its stock would no longer trade on the Nasdaq, and that it had expected the transaction to take effect Monday. The acquisition was approved by holders of 65.1% of the company's stock, Summit said. But CKE executives declined Monday to comment on the vote.
BUSINESS
April 11, 1996
As part of the first step in CKE Restaurants Inc.'s takeover of a Salt Lake City chain, four senior executives of the Utah operation resigned. Summit Family Restaurants Inc., which operates in nine states, said its president and chief executive, Don McComas, and three other senior executives resigned after CKE acquired an initial 16.5% stake in the company. Chairman Clark Jones was named interim president and chief executive. CKE, the Anaheim operator of the Carl's Jr.
BUSINESS
July 13, 1996 | GREG JOHNSON
Shareholders of Summit Family Restaurants Inc. met Friday to vote on a proposed merger with CKE Restaurants, but executives at the two firms declined to release results. "We're not going to say anything until we hear from Summit's board," a CKE Restaurants spokeswoman said. Meanwhile, executives at Salt Lake City-based Summit said late Friday that results of the vote were not yet ready to be released. CKE, the Anaheim-based parent company of the Carl's Jr. chain, had offered $25.
BUSINESS
July 16, 1996 | GREG JOHNSON, TIMES STAFF WRITER
Shareholders of Summit Family Restaurants have approved the Salt Lake City chain's $24-million acquisition by CKE Restaurants Inc., Summit executives said Monday. Summit said that its stock would no longer trade on the Nasdaq, and that it had expected the transaction to take effect Monday. The acquisition was approved by holders of 65.1% of the company's stock, Summit said. But CKE executives declined Monday to comment on the vote.
BUSINESS
December 2, 1995 | GREG JOHNSON, TIMES STAFF WRITER
CKE Restaurants Inc., which operates the Carl's Jr. fast-food chain, said Friday that it will acquire Summit Family Restaurants, which has 126 restaurants in nine Western states, for $34.5 million in cash and stock. CKE said it will sell most of those eateries to generate cash that will be pumped into the 668-unit Carl's Jr. chain. Summit operates or franchises 104 JB's family-style restaurants, six Galaxy Diners and 16 HomeTown Buffet restaurants. None of the restaurants are in California.
BUSINESS
July 18, 1996
CKE Restaurants Inc. said it has completed its previously announced acquisition of Summit Family Restaurants, Inc. Summit shareholders will receive stock and cash valued at about $24 million. During a shareholder meeting last Friday in Salt Lake City, 65.1% of Summit's shares were voted in favor of the deal. Summit operates 124 JB's Restaurants, Hometown Buffets and Galaxy Diners in western states. Anaheim-based CKE is the parent company of the Carl's Jr. chain.
BUSINESS
July 13, 1996 | GREG JOHNSON
Shareholders of Summit Family Restaurants Inc. met Friday to vote on a proposed merger with CKE Restaurants, but executives at the two firms declined to release results. "We're not going to say anything until we hear from Summit's board," a CKE Restaurants spokeswoman said. Meanwhile, executives at Salt Lake City-based Summit said late Friday that results of the vote were not yet ready to be released. CKE, the Anaheim-based parent company of the Carl's Jr. chain, had offered $25.
BUSINESS
April 11, 1996
As part of the first step in CKE Restaurants Inc.'s takeover of a Salt Lake City chain, four senior executives of the Utah operation resigned. Summit Family Restaurants Inc., which operates in nine states, said its president and chief executive, Don McComas, and three other senior executives resigned after CKE acquired an initial 16.5% stake in the company. Chairman Clark Jones was named interim president and chief executive. CKE, the Anaheim operator of the Carl's Jr.
BUSINESS
January 26, 1996
CKE Restaurants Inc. said it boosted the price it will pay for Summit Family Restaurants Inc. by 1.6% to $32.3 million in cash and stock. The amended agreement reflects an increase in the number of shares outstanding in Summit Family, a Salt Lake City restaurant company. Under the amended agreement, CKE, Anaheim-based parent of the Carl's Jr. chain, will pay $2.77 a share in cash and 0.1738 shares of CKE common stock, valued at $2.78 a share. Summit currently has 5.
BUSINESS
December 2, 1995 | Times Staff and Wire Reports
Carl's Jr. Parent Acquires Utah Chain: CKE Restaurants Inc., which operates the Carl's Jr. fast-food chain in Anaheim, plans to acquire Salt Lake City-based Summit Family Restaurants Inc. for cash and stock valued at $34.5 million, the companies said. CKE intends to sell most of Summit's 104 JB's family-style restaurants and 16 HomeTown Buffet restaurants after the deal is completed early in 1996. Cash generated by the planned sale would be used to refurbish the 668-unit Carl's Jr.
BUSINESS
December 2, 1995 | GREG JOHNSON, TIMES STAFF WRITER
CKE Restaurants Inc., which operates the Carl's Jr. fast-food chain, said Friday that it will acquire Summit Family Restaurants, which has 126 restaurants in nine Western states, for $34.5 million in cash and stock. CKE said it will sell most of those eateries to generate cash that will be pumped into the 668-unit Carl's Jr. chain. Summit operates or franchises 104 JB's family-style restaurants, six Galaxy Diners and 16 HomeTown Buffet restaurants. None of the restaurants are in California.
BUSINESS
July 10, 1996 | GREG JOHNSON
Shareholders of Summit Family Restaurants Inc. in Salt Lake City are scheduled to vote Friday on a friendly takeover bid by CKE Restaurants Inc., the Anaheim-based operator of the Carl's Jr. chain. Summit shareholders would receive $25.9 million in cash and stock if the merger is approved. CKE's offer includes $2.63 in cash and 0.1043 shares of CKE common stock for each share of Summit. Summit operates 124 JB's Restaurants, Hometown Buffets and Galaxy Diners in western states.
BUSINESS
December 5, 1996
Driven by strong gains in its third-quarter financial results, CKE Restaurants Inc.'s shares rose by $2.625 to $34.50, a new yearly high. The fast-food chain reported that net income for the third fiscal quarter rose 87% to $5.6 million, or 28 cents a share, from $3 million, or 16 cents a share, for the 1995 period. Revenue for the quarter ended Nov. 4 increased 44% to $162.3 million from $113.1 million. Same-store sales at Carl's Jr.
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