Bojangles’, Inc. announced that at a special meeting of stockholders held January 10 at Bojangles’ corporate offices, the company’s stockholders voted to adopt the merger agreement pursuant to which the company would be acquired by Durational Capital Management LP and The Jordan Company, L.P. in an all-cash transaction, which was first announced on November 6, 2018.

Approximately 33.4 million shares voted at the special meeting were voted in favor of the proposal to adopt the merger agreement, representing over 88 percent of the outstanding shares of Bojangles’ common stock entitled to vote at the special meeting. The Company will file the final vote results with the Securities and Exchange Commission on a Form 8-K.

Under the terms of the merger agreement, Bojangles’ stockholders will be entitled to receive $16.10 per share in cash upon completion of the merger, which remains subject to the satisfaction of customary closing conditions.

The transaction is expected to close in the first fiscal quarter of 2019. Upon closing of the transaction, Bojangles’ common stock will cease trading on the NASDAQ Global Select Market, and Bojangles’ will continue to be operated as an independent, privately-held company and will remain based in Charlotte, N.C.
BofA Merrill Lynch acted as financial advisor and Shearman & Sterling LLP acted as legal counsel to Bojangles’ and its Board of Directors. Houlihan Lokey also acted as financial advisor to Bojangles’ and its Board of Directors.

Citigroup Global Markets Inc. served as financial advisor to the consortium and, together with KKR Capital Markets LLC, provided fully committed financing in support of the transaction. Akin Gump Strauss Hauer & Feld LLP, Kirkland & Ellis LLP, and Seyfarth Shaw LLP acted as legal counsel in connection with the transaction.

At December 30, Bojangles’ had 759 system-wide restaurants, of which 319 were company-operated and 440 were franchised restaurants, primarily located in the Southeastern United States.