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Pizza Lovers’ Special: Golden Gate Capital agreed to buy California Pizza Kitchen (NASDAQ:CPKI) on Wednesday for $470 million after over a year of negotiations. Golden Gate will pay $18.50 a share, almost 11% higher than CPK’s closing share price on Tuesday. Since California Pizza Kitchen put itself up for sale last April after receiving interest from several buyers, their share price has dropped 14%. CPK owns 205 of its 265 restaurants, and also has a licensing deal with Nestle (VTX:NESN), who agreed Tuesday to buy out U.S. gastrointestinal diagnostics firm Prometheus Laboratories. Stock in CPK is up 10.54% after news of the sale.
Burkle vs. Liberty Media: At close Tuesday, shares in Barnes & Noble (NYSE:BKS) were at $19.32 a piece, up 38.52% in the last five days since Liberty Media Corp. (NASDAQ:LCAPA) first expressed interest in buying a 70% stake in the company. But Ron Burkle isn’t having it. Monday he bought 603,000 shares at $18.49 each, giving him a 19.74% stake in the company. And now he’s saying that the $17 a share that Liberty Media is offering is unfair. But before Liberty Media expressed interest in the company, B&N had been for sale since last summer, and $17 a share is a definite improvement over the $14.11 closing price last Thursday. Still, Burkle is hoping to drive up the price by increasing his hold in the company, while many investors are grabbing on, hoping to ride this deal to a big payout. Check Out: Here’s How Nook and Android are Taking a Bite Out of Apple.
Jose Cuervo: British spirits company Diageo (NYSE:DEO) is in talks to buy up frat party favorite Jose Cuervo. If the deal goes through, it would be Diageo’s biggest acquisition in years. Diageo’s portfolio currently includes Smirnoff and Guinness. Cuervo has been owned by the Beckmann family since the 1700s and is not publicly traded. They are currently in talks with other spirits makers also interested in buying the brand. Cuervo already has a distribution deal with Diageo and earlier this month, while renegotiating the deal, the family said they were not interested in selling.
Total still wants SunPower: French oil company Total (NYSE:TOT) has extended its offer to buy 60% of SunPower Corp. (NASDAQ:SPWRA), a U.S. solar (NYSE:TAN) company, by two weeks after consultations with the European Commission created a delay. The $1.37 billion offer is now set to expire June 14. Total has been in the red for months now, with no hint of improvement since today’s announcement, while SunPower shares are up 32.81% in the last month, though today’s news doesn’t seem to have any effect on share prices, as they’re currently down 0.19% so far today.
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