CEC Entertainment, parent company of the Chuck E. Cheese's chain, announced a merger agreement with Apollo Global Management, in which the private equity firm will acquire CEC for approximately $1.3 billion, including the assumption of debt.

Apollo's $54 per share, all-cash offer represents a premium of approximately 25 percent over CEC's closing share price on Jan. 7, the last trading day prior to media speculation regarding a possible sale. The transaction was unanimously approved by the CEC Board, which recommends that CEC shareholders tender their shares in the offer.

"We are pleased to have reached this agreement with Apollo, which maximizes value for all of our shareholders," Richard M. Frank, executive chairman of CEC, said in the announcement. "This transaction represents the successful conclusion of our extensive review of strategic alternatives."

Read more about operations management.

Related Content

User Comments – Give us your opinion!
Products & Services

Granbury Websites

http://global.networldalliance.com/new/images/products/6815.png

6815/Granbury-Websites

Sourcing

http://global.networldalliance.com/new/images/products/6407.png

6407/Sourcing

MVR Reports

http://global.networldalliance.com/new/images/products/MVR_Report_iix.gif

1252/MVR-Reports

HAND-PINCHED STYLE® Sausage and Beef Toppings

http://global.networldalliance.com/new/images/products/6785.png

6785/HAND-PINCHED-STYLE-Sausage-and-Beef-Toppings

Hardware

http://global.networldalliance.com/new/images/products/4553.png

4553/Hardware

FireFly Point-of-Sale

http://global.networldalliance.com/new/images/products/4282.png

4282/FireFly-Point-of-Sale

Solutions

http://global.networldalliance.com/new/images/products/4551.png

4551/Solutions

PCI Compliance Managed Network Services

http://global.networldalliance.com/new/images/products/4123.png

4123/PCI-Compliance-Managed-Network-Services

Cured Meats

http://global.networldalliance.com/new/images/products/6791.png

6791/Cured-Meats

PeopleMatter LEARN™

http://global.networldalliance.com/new/images/products/4627.png

4627/PeopleMatter-LEARN

Fast Casual Executive Summit
Request Information From Suppliers
Save time looking for suppliers. Complete this form to submit a Request for Information to our entire network of partners.