NewsLocal News

Actions

Sonic sold to Arby's parent company for $2.3 billion

Posted at 2:20 PM, Dec 07, 2018
and last updated 2018-12-07 15:20:19-05

OKLAHOMA CITY (AP) -- Shareholders have approved the sale of Oklahoma-based drive-in burger chain Sonic to the parent company of Arby's in a $2.3 billion merger.

The Journal Record reports that Sonic shareholders approved the pending agreement with Inspire Brands Inc. on Thursday.

The company's investors voted on two proposals. The first was to authorize the merger and the other was to compensate Sonic's executive officers in connection with the merger.

Shareholders will be paid $43.50 per share in cash for the sale. Sonic will no longer be traded publicly.

Sonic CEO Cliff Hudson says getting approached for the deal was unanticipated, but that he was proud of building a profitable company.

Hudson says he plans to serve as a senior consultant until March 2019 while the business shifts into new ownership.

Stay in touch with us anytime, anywhere.

Download our free app for Apple and Android and Kindle devices.

Sign up for newsletters emailed to your inbox. Select from these options: Breaking News, Severe Weather, School Closings, Daily Headlines and Daily Forecasts.

Follow us on Twitter

Like us on Facebook