News

CPK gets boost from rumored buyer

August 1, 2010

Rumors that a private equity firm is interested in buying California Pizza Kitchen has bolstered its upward stock trend started in early July. It closed at $17.94 on July 30, up $1.35 from the previous week's close of $16.59. The chain hadn’t seen a closing that high since around mid-June.

Reuters reported last week that American Securities is bidding for the casual pizza chain.

CPK executives announced back in April that they were open to the option of selling.

From the story:

Private equity firms were seen as the most likely bidders since no restaurant rivals were seen as a good fit, analysts said at the time. Another private equity firm, Harvest, was eyeing California Pizza, one source said, although the level of its interest was unclear.