Private equity firm Golden Gate Capital has commenced the previously-announced tender offer for all the outstanding shares of casual dining chain California Pizza Kitchen, Inc. (CPKI) at $18.50 per share, the two companies said Wednesday.
The tender offer and withdrawal rights are scheduled to expire on Wednesday, July 6, 2011, unless extended or earlier terminated in accordance with the terms of the merger deal.
The completion of the tender offer is subject to conditions, including the satisfaction of a minimum tender condition, the expiration or termination of applicable waiting periods and the receipt of proceeds under executed bank commitment letters.
California Pizza Kitchen said on May 25 that it has entered into a definitive agreement with Golden Gate Capital to be acquired by an affiliate of the private investment firm for $18.50 per share in cash, or about $470 million. The company also said that pursuant to the merger agreement, a tender offer would be made by Golden Gate for its shares and it will merge with CPK Merger Sub Inc.
Golden Gate Capital is a San Francisco-based private investment firm with about $9 billion of capital under management.
CPKI closed Tuesday's regular trading at $18.39, up $0.01 on a volume of 0.82 million shares.
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