Tuesday, Checkers Drive-In Restaurants, Inc. (CHKR | charts | news | PowerRating), a chain double drive-thru restaurants, revealed the conclusion of its merger with Taxi Holding Corp., an affiliate of Wellspring Capital Management LLC, a private equity firm.

The Tampa, Florida-based company indicated it would request delisting from the Nasdaq exchange as a result of the merger. The company also said following completion of the merger, shareholders would receive by mail instructions on how to deliver their stock certificates in order to receive the merger consideration.

Checkers Drive-In Restaurants had revealed on February 17, 2006 on entering into a definitive agreement with Taxi Holdings Corp. to be acquired by the latter. The total deal is valued at approximately $188 million, which includes the assumption of Checkers' debt, while Wellspring provided Checkers with commitment letters for the equity and debt financing necessary for the transaction.

The company had been looking for merger opportunities since May 2005 and set up a Special Committee of the Board of Directors, which retained Citigroup Global Markets, Inc. as its financial advisor and Thelen Reid & Priest LLP as its legal advisor in order to help identify and evaluate various strategic alternatives.

CHKR closed Tuesday's regular trading at $14.99, up $0.01 or 0.07%, on a volume of 101,027 on the NYSE.
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