Private equity firm Golden Gate Capital is buying California Pizza Kitchen ( NASDAQ:CPKI ) for about $470 million. The deal will provide a cash of $ 18.50 per share, 11 % premium of Tuesday's closing price of $16.71. Stock jumped more than 9 % to $ 18.36 in premarket trade.
California Pizza began exploring a potential sale of the company in February. The Los Angeles company's board unanimously approved the deal and recommends stockholders tender their shares in the tender offer.
The acquisition is expected to close in the third quarter.
Golden Gate's other restaurant buyouts include the purchase of On the Border last year. And last month Lawson Software agreed to a $2 billion acquisition offer from Golden Gate and Infor.
California Pizza began exploring a potential sale of the company in February. The Los Angeles company's board unanimously approved the deal and recommends stockholders tender their shares in the tender offer.
The acquisition is expected to close in the third quarter.
Golden Gate's other restaurant buyouts include the purchase of On the Border last year. And last month Lawson Software agreed to a $2 billion acquisition offer from Golden Gate and Infor.
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