Chicago Pizza Board Rejects Buyout Offer

Chicago Pizza & Brewery Inc. said Friday its board has unanimously rejected an unsolicited buyout bid from La Pizza Loca Inc. Chicago Pizza, the Mission Viejo operator of BJ’s Pizza & Grill, said its board decided the $12.8 million offer was “not in the best long-term interests of the company and its shareholders.” It also said the company is not seeking other bids. The owner of the Buena Park-based La Pizza, one of Orange County’s largest Latino-owned businesses, offered Monday to essentially buy Chicago Pizza for $2 a share. La Pizza owner Alex Meruelo could not be reached for comment. He began buying Chicago Pizza shares in July and now owns about 7% of the company.