Congratulations!!
Chicago Pizza & Brewery, Inc. Board Unanimously Rejects Unsolicited Acquisition Offer
MISSION VIEJO, Calif.--(BUSINESS WIRE)--Dec. 18, 1998--Chicago Pizza & Brewery, Inc. (Nasdaq:CHGO and CHGOW), announced today that its board of directors voted unanimously to reject an unsolicited acquisition offer from La Pizza Loca, Inc.
The Board's action was in response to an unsolicited offer at $2 per share contained in a December 14, 1998 letter from La Pizza Loca, Inc. After careful consideration, the Board determined that the terms of the proposal by La Pizza Loca, Inc. were not in the best long-term interests of the Company and its shareholders.
In a letter from Chicago Pizza & Brewery, Inc.'s Chairman and CEO, Paul Motenko, to the President of La Pizza Loca, Inc., the Company's Board of Directors stated, "We continue to be committed to maximizing the value of our shareholder's investment, consistent with the highest standards of responsibility to our employees and customers. The Board does not believe that the proposal by La Pizza Loca, Inc. is consistent with this objective." The letter also indicated that the company is not seeking or soliciting sales offers.
Chicago Pizza & Brewery, Inc. currently owns restaurants in Southern California, Boulder, Colo. and Lahaina, Hawaii, which operate under either the names "BJ's Pizza & Grill" or "BJ's Pizza, Grill & Brewery." The Company also owns Pietro's Pizza locations in Oregon and Washington, several of which have been converted to the popular, upgraded BJ's Pizza restaurant format, while the others await renovation and/or conversion within the next year.
The Company has planned three new Southern California restaurants which will be located at: 400 E. Huntington Drive in Arcadia, CA; at the Valencia Town Center Mall in Valencia, CA; and at 6424 Canoga Avenue in Woodland Hills, CA. BJ's restaurants offer customers moderate prices and tremendous value on an incredible menu that includes deep-dish, Chicago style pizza, as well as sandwiches, salads, fabulous desserts, critically acclaimed hand-crafted beers and more. Visit Chicago Pizza & Brewery on the web at bjsbrewhouse.com.
The information presented herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbors created thereby. The Company's results may differ significantly from the results indicated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: 1) the Company's ability to finance or fund it's business plan, 2) the Company's ability to manage growth and conversions, 3) construction delays, 4) restaurant and brewery industry competition and other such industry considerations, 5) marketing and other limitations based on the Company's historic concentration in Southern California and current concentration in the Northwest, 6) consumer trends, 7) increased food costs and wages, including without limitation, the recent increase in minimum wage, and 8) other general economic and regulatory conditions.
--30--slt/sf* crd
CONTACT:
Chicago Pizza & Brewery, Inc., Mission Viejo
Brenda Eames, 310/796-0229 (IR)
Paul Motenko, 949/367-8616 ext. 107 (CEO)
To edit your profile, go to keyword NewsProfiles.
For all of today's news, go to keyword News. |
