The tender offer for California Pizza Kitchen Inc. in an acquisition by private-equity firm Golden Gate Capital has been successfully completed, the company said Thursday.
CPK Merger Sub Inc., the entity affiliated with Golden Gate, has acquired about 88 percent of the shares tendered, or about 21.6 million shares of common stock, at $18.50 per share. The tender offer expired at midnight eastern time on July 6.
The Los Angeles-based casual-dining chain announced the proposed $470 million buyout in May after months of analyzing various strategic options.
CPK Merger Sub will be merged into the California Pizza Kitchen Inc., which will operate as a wholly owned subsidiary of CPK Holdings Inc., an entity affiliated with Golden Gate.
Once the merger is completed, CPK will no longer be traded on NASDAQ Global Select Market, the company said.
CPK operates, franchises or licenses 265 restaurants, primarily under the California Pizza Kitchen brand.
Golden Gate’s other restaurant properties include On The Border Mexican Grill and Romano’s Macaroni Grill, two casual-dining brands acquired at different times from Chili’s parent company Brinker International Inc.