An affiliate of Golden Gate Capital has reached an agreement to purchase California Pizza Kitchen, Inc. (NASDAQ:CPKI) for approximately $470 million. The transaction is currently expected to close in the third quarter of this year.
The announcement follows a comprehensive review undertaken by the board to maximize stockholder value. The company formed a special committee, comprised of independent directors, and retained financial advisors to evaluate strategic and financial alternatives. After a thorough assessment, the special committee unanimously recommended and the Board of Directors unanimously approved the agreement. The Board of Directors unanimously recommends that the company’s stockholders tender their shares in the tender offer, according to a company release.