UPDATE: California Pizza Kitchen to Be Acquired by Golden Gate Capital; Stockholders to Receive $18.50 in Cash Per Share

California Pizza Kitchen, Inc.

and Golden Gate Capital today announced that they have entered into a definitive agreement under which an affiliate of Golden Gate Capital will acquire the Company for $18.50 per share in cash, or approximately $470 million. The purchase price represents a 32% premium to the 30-day average price prior to the Company's Board of Directors authorizing management to begin exploring strategic and financial alternatives on February 23, 2010, and a 15% premium to the 30-day average price prior to the announcement of the transaction. The transaction is currently expected to close in the third quarter of this year.