Bojangles' moves closer to sale

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Bojangles' is being sold.

A North Carolina-based chicken-and-biscuits chain is one step closer to having new, New-York based owners.

The Charlotte Observer reports that Bojangles' shareholders approved the sale of the company to Durational Capital Management LP and The Jordan Company, L.P.

A statement from the company says that over 88 percent of outstanding shares entitled to vote supported the proposed deal.

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The sale was announced in November and is expected to close in the first quarter of the year. Under the terms of the merger agreement, stockholders will receive $16.10 per share in cash.

The chain was founded in Charlotte in 1977 and has been beset with a number of challenges since going public in 2015.

Bojangles' is expected to remain as an independent, privately held company and retain its Charlotte headquarters.

The video is from a previous story.
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