Sonic HQ to remain in OKC
Oklahoma City-based Sonic Corp. will keep its headquarters in Bricktown after agreeing Tuesday to be bought by the parent company of Arby’s in a $2.3 billion deal.
The drive-in chain will operate independently within the Inspire Brands Inc. portfolio of restaurants, Sonic spokeswoman Christi Woodworth said Tuesday.
Sonic, founded in Oklahoma, operates more than 3,600 drive-ins across the U.S.
The merger agreement between
Sonic and Inspire Brands Inc. offers $43.50 per share in cash for each Sonic share, a premium of about 19 percent to Monday’s closing price for Sonic.
The acquisition also includes the assumption of Sonic’s net debt. Sonic stock rose to almost that amount Tuesday, closing at $43.46.
Inspire owns Arby’s, Buffalo Wild Wings and Rusty Taco.
Sonic’s directors already have approved the agreement. The transaction is subject to the approval of Sonic shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals, and is expected to close by year’s end.
“This value-maximizing transaction validates the
actions we have taken over the last year to grow traffic and improve sales while delivering differentiated offerings and superior guest service,” Sonic CEO Cliff Hudson said in a statement. “Our board of directors, taking into account the views of shareholders, conducted a comprehensive review of a wide range of strategic options to maximize shareholder value.
“This transaction delivers significant, immediate and certain value to Sonic shareholders, and the private ownership structure will provide important benefits to our guests, franchisees and employees.
“As one of the largest owner-operators of company-owned and franchised restaurant brands, Inspire appreciates the unique culture of collaboration between Sonic and our franchisees,” Hudson said in a statement.