The shareholders of Checkers Drive-In Restaurants, operator of the Checkers and Rally’s double drive-thru concepts, have voted in favor of a merger agreement with Taxi Holdings Corp., an affiliate of Wellspring Capital Management LLC, which is a private equity firm. Taxi Holdings will acquire all of Checkers’ outstanding shares for $15.00 per share in cash.
“We are pleased the shareholders agreed that this transaction offers the best opportunity to maximize value,” said Keith E. Sirois, President and CEO of Checkers Drive-In Restaurants, in a prepared statement. “We look forward to the strategic and financial benefits that private ownership with Wellspring will offer to the Checkers/Rally’s system. Following the merger, we will continue to pursue our brand vision of increased restaurant development and ‘Guest Obsessed’ hospitality.”
The merger is expected to close within the next few days. The company will cease to be listed on the Nasdaq or on any other public exchange once the merger is completed.