There are number of shareholders who had hoped CKR would reject the bid by THL, chief among them investment manager Porter Olin LLC which holds 2.29 million shares.

FORBES: CKE Holds Out For Bigger Kahuna In Budding Burger Joint Bidding War

For example, over the last ten years the market has historically been willing to pay between 5.7x and 11.4x cash earnings per share of CKR, but even at the offering price that metric falls short of the historically normal valuation at 5.1x.

FORBES: CKE Holds Out For Bigger Kahuna In Budding Burger Joint Bidding War