California Pizza Kitchen Seeks Buyers

California Pizza Kitchen is reportedly looking for someone to buy its restaurant chain as private equity groups begin to show interest in pursuing casual dining businesses.
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NEW YORK (TheStreet) -- California Pizza Kitchen (CPKI) is reportedly looking for someone to buy its restaurant chain as private-equity groups begin to show interest in pursuing casual dining businesses amid an improving financing environment and greater interest among consumers to eat out, a report says.

California Pizza Kitchen is currently worth above $500 million, according to

Reuters.

The stock is up 3.7% at $21.50 in premarket trading Monday.

Meanwhile, competitor

CKE Restaurants

(CKR)

is

mulling over a counter offer

to Thomas H. Lee Partners' $619 million bid to buy the company. CKE shares ended Friday's trading session at $12.10, up 0.9%.

-- Reported by Andrea Tse in New York

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>> CKE Gets Alternative Takeover Offer

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