ARBY’S PARENT COMPANY BUYS SONIC FOR $2.3 BILLION
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. Sonic shareholders approved the pending agreement with Inspire Brands Inc. on Thursday. The company’s investors voted on two proposals, one to authorize the merger and the other to compensate Sonic’s executive officers. Shareholders will be paid $43.50 per share in cash. Sonic will no longer be traded publicly.