This 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 also unanimously recommends the company’s stockholders tender their shares in the tender offer.
“This announcement represents a very positive outcome for our stockholders and we believe it is also a great development for our employees, guests and business partners,” said Rick Rosenfield and Larry Flax, co-CEOs, co-chairmen and co-founders of California Pizza Kitchen. “We are very excited as we open a new chapter in the very successful history of CPK. Golden Gate Capital is a leading investor in the restaurant industry, with a proven track record as a value-added partner to its portfolio companies, and we believe that its significant commitment and experience in the sector will benefit all of our stakeholders.”