Well-known pizza chain California Pizza Kitchen is on the auction block, according to people familiar with the matter, the latest sign that corporate boards are gaining confidence in their ability to attract takeover interest.
The company has been soliciting interest from buyers including private-equity firms, these people said. There is no guarantee a final deal may come together, these people added.
The mergers market has been largely moribund in the 18 months since the collapse of Lehman Brothers Holdings Inc. But improving credit markets and a rising stock market have heartened some boards to make acquisitions or solicit takeover proposals.
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