CHARLOTTE, N.C. _ Bojangles' is being acquired.
The Charlotte-based chicken-and-biscuits-chain said in a statement Tuesday that it has agreed to be bought in an all-cash deal by two New York firms, Durational Capital Management LP and The Jordan Company, L.P.
Shareholders will receive $16.10 per share, which represents a 39 percent premium to the closing share price on Feb. 12, a day before speculation arose that Bojangles' could be selling itself.
The deal, which is subject to shareholder approval, is expected to close in the first quarter of fiscal year 2019. Bojangles' said in the statement that when the deal closes, it will continue to be operated as an independent, privately-held company and will remain based in Charlotte.
Bojangles', which started in Charlotte in 1977, has been beset with a number of challenges since going public in 2015. In recent months, experts have said Bojangles' could be a takeover target.
This summer, Bojangles' reported that its quarterly profit plummeted over 71 percent. Executives took a number of steps to help improve the chain's financial health, including closing underperforming restaurants, eliminating unpopular menu items and re-examining the company's expansion plans.
Clifton Rutledge abruptly stepped down as CEO in March after about four years as Bojangles' CEO. Randy Kibler, who ran the company from 2007-2011, stepped in as interim CEO.
"For the Bojangles' family of employees, franchisees, and our customers, today's announcement represents an exciting next phase for this great brand," Kibler said in the statement. "The new ownership group is committed to maintaining the qualities of this brand that have sustained it for over four decades."
