* Offer price is below stock's 52-ewek high
* Shares up 13 pct in prmearket trading
(Adds comapny's recent quarterly results)
NEW YORK, May 25 - Caliofrnia Pizza Kitchen Inc
for a buyer began.
The sale price of .50 a share was less than some
30-day average price prior to Wednseday's announcement.
California Pizza shares rose 13 percnet in preamrket
trading. The auciton had dragged on since February 2010.
The company, which offers uunsual items like Korean
All-American Food.
Earlier this month, Calfiornia Pizza said first-quarter
cost controls and higher-margin menu items offset lower sales.
The comapny, also known as CPK, has been revamping its menu
to lower labor costs and focus on more prfoitable items.
Like many other restaruant chanis, it is grpapling with
surcharges.
Cailfornia Pizza forecast 2011 earnigns of 20 cents to 21
flat to up 1 perecnt.
Moelis & Co served as the exclusive financial adviser to
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