USA: CKE Restaurants and Santa Barbara Restaurant Group amend merger agreement
CKE Restaurants and Santa Barbara Restaurant Group (SBRG) have agreed to amend the merger agreement by which CKE will acquire SBRG. As originally executed in December 2001, the merger agreement provided that each share of SBRG common stock would be exchanged for one-half of one share of CKE common stock. The merger agreement also provided that if, at the time of the merger, the average CKE common stock price were to be less than US$6.25 per share, SBRG could terminate the merger agreement, and if the average CKE common stock price were to be greater than US$9.50 per share, CKE could terminate the merger agreement.
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