California Pizza Kitchen Inc (CPKI.O) agreed to be acquired by private equity firm Golden Gate Capital for $470 million, more than a year after its hunt for a buyer began. The sale price of $18.50 a share was less than some investors had expected and fell short of the stock's 52-week high of $20. Still, the company said the price represented a 32 percent premium to the 30-day average price of the stock prior to the search for a buyer, and a 15 percent premium to the 30-day average price prior to Wednesday's announcement. California Pizza shares rose 13 percent in premarket trading. The auction had dragged on since February 2010. The company, which offers unusual items like Korean barbecue steak tacos and pear and gorgonzola pizzas, was one of several restaurant chains up for sale at a time when consumers are still cautious about spending. Other chains on the block include McCormick and Schmick's, Morton's Restaurant Group Inc (MRT.N) and YUM Brands Inc's (YUM.N) Long John Silver' and A&W All-American Food.
California Pizza Kitchen, Inc. is a casual dining restaurant chain with a particular focus on the pizza segment. Shares of CPKI remained unchanged at $16.71. In the past year, the shares have traded as low as $12.95 and as high as $20.00. On average, 192668 shares of CPKI exchange hands on a given day and today's volume is recorded at 4471753.
Morton's Restaurant Group, Inc. (MRG) is engaged in the business of owning and operating restaurants under the names Morton's The Steakhouse (Morton's), Trevi (Trevi) and Bertolini's Authentic Trattorias (Bertolini's). Shares of MRT remained unchanged at $7.56. In the past year, the shares have traded as low as $4.13 and as high as $7.70. On average, 68552 shares of MRT exchange hands on a given day and today's volume is recorded at 0.
YUM! Brands, Inc. (YUM) is a quick service restaurant (QSR) company, with more than 37,000 units in more than 110 countries and territories. Shares of YUM remained unchanged at $55.67. In the past year, the shares have traded as low as $38.25 and as high as $56.98. On average, 3404720 shares of YUM exchange hands on a given day and today's volume is recorded at 0.
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