California Pizza Kitchen Inc (CPKI.O) agreed on Wednesday 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 10.7 percent premium to Tuesday's closing stock price. California Pizza shares rose 9.9 percent in Wednesday morning trading to $18.37 on Nasdaq. The auction had dragged on since February 2010.
California Pizza Kitchen, Inc. is a casual dining restaurant chain with a particular focus on the pizza segment. Shares of CPKI traded higher by 9.93% or $1.66/share to $18.37. 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 17070412.
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