CKE buys Pirate's stake for $77M

CARPINTERIA Calif. Carl's Jr. parent CKE Restaurants Inc. said it has agreed to pay $77.3 million, or $18.97 per share, for all 4.1 million shares of its stock that are held by the hedge fund Pirate Capital LLC.

CKE said it would use its revolving credit facility to fund the transaction, which it termed a part of its previously announced stock repurchase program.

Pirate's stake amounts to 6.1 percent of total CKE shares outstanding, the restaurant

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