Carl Karcher Enterprises said it will buy...

Carl Karcher Enterprises said it will buy back about 25% of its 11.8 million outstanding shares in a deal valued at $69.3 million. The action is the result of a so-called “Dutch auction” announced early last month by the Anaheim-based fast-food company. At the time, Karcher had announced it was conducting a cash self-tender offer for up to 2 million shares at a price not higher than $24 per share and not lower than $21 net per share. The company said Monday that 2,782,692 shares were tendered under the offer. Of those, 2,070,741 shares were tendered at or below $23.50 per share--the price Karcher will pay for all shares that are repurchased. Those who tendered shares for more than that amount will keep their stock. Because more shares were tendered than will be bought, the preliminary proration factor for the offer is 96.5%. That means that the company will buy back 96.5% of the shares of everyone who tendered at or below $23.50 a share. Payment for the shares is expected to be made sometime after mid-August, said Loren Pannier, chief financial officer.