California Pizza Kitchen, Inc. (Nasdaq:CPKI – News) announced today that its Board of Directors has authorized management to consider a wide range of financial and strategic alternatives including changes in the company’s capital structure, or a possible sale, merger, or other business combination to enhance shareholder value.
The company has engaged Moelis & Company, a global investment bank, to be its exclusive financial advisor in this review.
There can be no assurance that this review will result in any action. The company does not expect to make further comment unless its Board of Directors has approved a specific course of action.
California Pizza Kitchen was founded in 1985, and as of April 12, 2010, there are 253 locations systemwide, 205 of which are company-owned domestic locations. Nearly 50 units operate under franchise or license agreements, of which 28 locations operate internationally and 20 domestically. The company also has a licensing agreement with Nestle S.A. which manufactures and distributes a line of California Pizza Kitchen premium frozen products.
