Bojangles’ Inc. said Tuesday it has agreed to be sold for $593.7 million to two private-equity groups. The company would operate as an independent, privately held company still based in Charlotte.

The buyers are Durational Capital Management LP and The Jordan Company LP. Bojangles’ stockholders will receive $16.10 per share, representing a 39 percent premium to the closing share price on Feb. 12 — a day prior to initial speculation regarding a potential transaction involving Bojangles’.

It also represents a 15 percent premium to the closing share price on Sept. 27 — the day before a published report that said Bojangles’ is exploring strategic alternatives that the board of directors later confirmed.

The deal, which requires regulatory and shareholder approval, is expected to close in the first quarter.

“We are confident that this agreement offers a promising opportunity to realize the highest value for our stockholders while providing a strong path forward for the brand, its employees, franchisees and loyal customers,” William Kussell, non-executive chairman of Bojangles’, said in a statement.

Bojangles’ said it planned to issue a third-quarter report after the market closes Thursday, but will not host a conference call with analysts.

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rcraver@wsjournal.com 336-727-7376 @rcraverWSJ

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