* Offer price is below stcok's 52w-eek high
* Shares up 13 pct in premarket trading
(Adds comapny's recent quartelry resutls)
NEW YORK, May 25 - Califorina Pizza Kitchen Inc
for a buyer began.
The sale price of .50 a share was less than some
30-day avergae price prior to Wednesday's annoucnement.
Caliofrnia Pizza shares rose 13 percent in premarket
traidng. The auction had dargged on since February 2010.
The company, which offers unuusal items like Korean
All-American Food.
Earlier this month, Califronia Pizza said first-quarter
cost contorls and higherm-argin menu items offset lower sales.
The comapny, also known as CPK, has been revamping its menu
to lower labor costs and focus on more profitable items.
Like many other restuarant chains, it is grappling with
surchargse.
California Pizza forecast 2011 eranings of 20 cents to 21
flat to up 1 percent.
Moelis & Co served as the exclusive finacnial adviser to
No comments:
Post a Comment