La Pizza Loca May Go After Chicago Pizza

La Pizza Loca Inc., whose $2-a-share cash buyout bid for Chicago Pizza & Brewery Inc. was rejected last month, may again seek to gain control of the owner of BJ’s Pizza & Grill restaurants.

Buena Park-based La Pizza Loca said in a regulatory filing Tuesday that it may try to buy a controlling stake, seek representation on the board, or propose a business agreement with Mission Viejo-based Chicago Pizza.

Still, La Pizza Loca and its 95% owner, Chief Executive Alex Meruelo, don’t expect to propose a transaction that will merge the two companies, according to a Securities and Exchange Commission filings. Meruelo holds a 7.4% stake in Chicago Pizza.

La Pizza Loca, which owns a chain of pizza restaurants in Southern California, has “no specific plan or proposal” for any course of action, the filing said.

Meruelo’s attorney, Gary S. Mendoza of Riordan & McKinzie in Los Angeles, declined to comment.

A business agreement between the companies could consist of a joint purchasing agreement, according to the filing. Meanwhile, Meruelo and La Pizza Loca could raise their stake in Chicago Pizza through tender offers and open-market or privately negotiated purchases.

Chicago Pizza officials couldn’t be reached for comment.

The company said in a Dec. 18 news release that its board unanimously rejected La Pizza Loca’s bid and isn’t seeking to sell the company.

La Pizza Loca’s bid, which was made public Dec. 15 in an SEC filing, offered $2 cash--a 19% premium over Chicago Pizza’s stock price at the time--for each common share not owned by Meruelo or by top executives of Chicago Pizza.

Chicago Pizza shares rose 6 cents Tuesday, to $1.44. The shares have fallen 18% over the past six months.