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Article: CKE Restaurants, Inc. Announces Management And Director Company Stock Purchase Program.
- Article from:
- PR Newswire
- Article date:
- October 4, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ANAHEIM, Calif., Oct. 4 /PRNewswire/ -- CKE Restaurants, Inc. (NYSE: CKR) ("CKE") announced today that its board of directors has adopted a program whereby it will lend up to $10.0 million to CKE's senior management and members of the board of directors solely for the purchase of the Company's common stock in the open market.
"With our share price below book value and a price earnings ratio of less than 6 to 1 on a trailing basis, we believe our stock is an excellent value," said William P. Foley II, CKE's chairman and chief executive officer. "We believe these long-term individual commitments via personal note obligations to the Company not only reflect ...