Calif. Pizza Kitchen Investor Sues To Block $470M Buyout

Law360, Wilmington (May 27, 2011, 12:56 PM EDT) -- A California Pizza Kitchen Inc. shareholder filed a class action in Delaware state court Thursday challenging Golden Gate Capital LP's proposed $470 million buyout of the restaurant chain, saying the offer is opportunistic and a raw deal for shareholders.

The $18.50-per-share offer is “woefully inadequate,” representing a mere 11 percent premium over CPK’s closing price Tuesday, the day before the announcement of the buyout, and comes just as the company’s financial outlook is improving dramatically, according to a complaint lodged by Hilary Kramer.

“A fair price...
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