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.
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