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Oklahoma City-based Sonic Corp, America’s largest drive-in restaurant chain noted for its “made-to-order American classics” served by Carhops, is using Joele Frank, Wilkinson Brimmer Katcher for media work in connection with its $2.3B acquisition by Inspire Brands of Atlanta.
Inspire’s $43.50 bid represents a 19 percent premium over the closing price of Sonic’s stock on Sept. 24.
Pat Brown, CEO of Inspire, called Sonic a “highly differentiated brand” and an “ideal fit” for his company’s portfolio of Arby’s, Buffalo Wild Wings and Rusty Taco fast-food brands.
Sonic earned $52.6M on $311.8M nine-month (ended May 31) revenues. Founded more than 65 years ago, Sonic has more than 3,600 drive-ins.
CEO Cliff Hudson said the Inspire agreement followed a “comprehensive review of a wide range of strategic options to maximize shareholder value.”
Matthew Sherman, Andrew Siegel and Aaron Palash of JFWBK represent Sonic.
Jenn Kettnich, who has more than 15 years of financial communications experience, has joined Liftoff Mobile as VP-investor relations following completion of its recent IPO.
Joele Frank handles Crinetics Pharmaceuticals as the specialist for treatments for endocrine diseases agrees to get acquired by Vertex Pharmaceuticals in a deal pegged at $8.8B.
Teneo represents Honeywell spin-off Solstice Advanced Materials as it buys Collected Strategies client Element Solutions in a deal pegged at $14.5B.
Dallas-based Throughline Global Advisors advised Principal Mineral as it acquired Isola Group, maker of copper-clad laminates used in printed circuit boards.
oele Frank works for satellite operator Iridium Communications as it gets acquired by space company Rocket Lab in a deal worth $8B.
