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Bojangles' shareholders approve takeover by private equity firms

Shareholders of restaurant operator and franchiser Bojangles' Inc. approved the company's proposed acquisition by private equity firms Durational Capital Partners LLC and Jordan Co. LP, according to a Jan. 10 announcement.

Approximately 33,400,000 shares voted at the special meeting held by the company were in favor of the takeover. The shares represent over 88% of Bojangles' common stock.

Under the agreement, Bojangles' shareholders will receive $16.10 per share in the all-cash transaction.

The deal is expected to close in the first fiscal quarter of 2019, subject to customary closing conditions.

Bojangles' shares will stop trading on the Nasdaq Global Select Market following the acquisition. The company will continue to operate independently and keep its headquarters in Charlotte, N.C. after the deal.

BofA Merrill Lynch and Houlihan Lokey served as financial advisers of Bojangles' and its board of directors in the transaction, while Shearman & Sterling LLP acted as legal counsel.