The company said Wednesday it had contacted a “broad range of potential strategic and financial buyers, both domestic and international” and decided to remain an independent company.
It will instead seek to refinance the company and continue to buy back its stock, returning an estimated $1 billion to shareholders over the next four years.
“With this evaluation behind us, we are dedicated to moving the Jack in the Box brand forward. The board of directors unanimously and wholeheartedly supports chairman and chief executive officer Lenny Comma and the entire management team as we collectively pursue a strategic plan focused on value creation as a standalone company,” said David Goebel, lead director of the board.
Jack in the Box, which opened its first restaurant in San Diego in 1951, operates and franchises more than 2,200 restaurants in 21 states and Guam.
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