California Pizza Kitchen Board Authorizes Strategic Review

Date : 04/12/2010 @ 8:57AM
Source : Dow Jones News
Stock : California Pizza Kitchen, Inc. (MM) (CPKI)
Quote : 18.51  0.0 (0.00%) @ 2:05AM

California Pizza Kitchen Board Authorizes Strategic Review

California Pizza Kitchen (NASDAQ:CPKI)
Historical Stock Chart

5 Years : From Jul 2012 to Jul 2017

Click Here for more California Pizza Kitchen Charts.

California Pizza Kitchen Inc.'s (CPKI) board authorized the pizza chain's management to look at strategic alternatives including a possible sale, merger or other combination.

The Wall Street Journal on Friday reported that the casual-dining chain was on the auction block and that the company has been soliciting interest from buyers including private-equity firms.

An improving credit market and a rising stock market have lead to an increase in acquisitions or takeover proposals last year, though corporations and private-equity funds have moved tentatively on billion-dollar deals this year.

The company has hired boutique investment bank Moelis & Co. as its advisor in the review.

The restaurant chain has about 250 outlets in 32 states and nine foreign countries. Revenue dropped 5.8% during the fourth quarter. Sales faltered last year as consumers avoided casual-dining chains amid higher unemployment and a broad recession. While analysts expect California Pizza's sales to drop further during 2010, they are anticipating growth next year and in 2012.

Bruckmann Rosser Sherrill, a well-known investor in restaurants, bought California Pizza in 1997 from PepsiCo Inc. (PEP) and took it public several years later.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

(Dennis K. Berman of The Wall Street Journal contributed to this article.)

 
 

Latest CPKI Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.