Carl’s Jr. Chairman Buys Minnesota Chain

Carl’s Jr. Chairman William P. Foley II added to his burgeoning stable of restaurant holdings Friday, agreeing to buy a small Minnesota steakhouse chain for about $29.2 million in stock. The acquisition of Minneapolis-based Timber Lodge Steakhouse Inc. is being funneled through GB Foods Corp., the Irvine-based parent of the Green Burrito fast-food chain. Foley’s Fidelity National Financial Inc., the nation’s fourth-largest title insurer, owns 41% of GB Foods. Under the deal, GB Foods will issue about 0.83 of a share of GB stock for one share of Timber Lodge--the equivalent of $8.07 a share based on GB’s closing price of $9.75 a share Friday. Timber Lodge currently operates 16 restaurants in Minnesota, South Dakota, Wisconsin, Illinois and New York. As part of the deal, Carl’s Jr. parent CKE Restaurants will sell up to 20 of its JB Diners to Timber Lodge, which will then convert them into steakhouses.