Pirate Capital Buys a 7% Stake in CKE
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Pirate Capital, a hedge fund run by Thomas R. Hudson Jr., paid $58.8 million for a 7% stake to become the biggest shareholder in CKE Restaurants Inc., which operates the Hardee’s and Carl’s Jr. fast-food chains.
In a filing with the Securities and Exchange Commission, Hudson said he considered the shares to be “substantially undervalued.” Pirate, based in Norwalk, Conn., paid $13.35 to $16.35 each for its 4.2 million shares purchased since Jan. 3.
Shares of Carpinteria, Calif.-based CKE Restaurants rose 18 cents to $16.53.
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