OTHER NEWS - Dec. 2, 1995

Carl’s Jr. Parent Acquires Utah Chain: CKE Restaurants Inc., which operates the Carl’s Jr. fast-food chain in Anaheim, plans to acquire Salt Lake City-based Summit Family Restaurants Inc. for cash and stock valued at $34.5 million, the companies said. CKE intends to sell most of Summit’s 104 JB’s family-style restaurants and 16 HomeTown Buffet restaurants after the deal is completed early in 1996. Cash generated by the planned sale would be used to refurbish the 668-unit Carl’s Jr. chain and possibly to expand Summit’s six-unit Galaxy Diner, a ‘50s-style chain. CKE’s bid, which must be approved by Summit stockholders, includes $3 in cash and about $3 in stock for each share of Summit. CKE shares closed at $17.125, down 25 cents, in New York Stock Exchange trading, while Summit’s rose 53 cents to $5.53 on the Nasdaq.