Chicago Pizza Brewery Inc

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.

La Pizza Loca Inc., a closely held Buena Park-based pizza restaurant chain, offered $2 cash for each common share of Chicago Pizza & Brewery Inc. that it doesn't already own and isn't held by top executives of Chicago Pizza. The offer values Chicago Pizza, operator of BJ's Pizza & Grill restaurants, at about $12.8 million, a 19% premium over its most recent share price, with 6.4 million shares outstanding. Its shares were at $1.

La Pizza Loca Inc., one of Orange County's largest Latino-owned companies, made an unsolicited bid late Monday to buy Chicago Pizza & Brewery Inc. in Mission Viejo. La Pizza's $2 a share cash offer for the parent of BJ's Pizza & Grill values the company at $12.8 million, a 28% premium over Monday's close of $1.56. Chicago Pizza shares rose 13 cents Tuesday, to $1.69, before trading was halted on the Nasdaq.

Add Chicago Pizza & Brewery Inc. to the list of businesses that will be needing new workers in the new year. The Mission Viejo-based company said this week that it will open three new BJ's Pizza, Grill & Brewerys next year in Los Angeles County. Chicago Pizza currently owns 27 restaurants, including 21 BJ's and 6 Pietros Restaurants.

Chicago Pizza & Brewery Inc.: The Mission Viejo operator of casual dining restaurants reported third-quarter net income of $285,000, or 4 cents a share, up from the $23,000 for the same period in 1997. Revenue increased 14% to $8.2 million from $7.2 million.

NASD Regulation, the brokerage regulatory arm of the National Assn. of Securities Dealers, is reviewing the 1996 initial public offering of Mission Viejo-based Chicago Pizza & Brewery Inc. In a letter sent to certain investors who purchased the stock from the underwriter, Century City-based Boston Group, NASD Regulation is asking for copies of "account-opening records, correspondence with the Boston Group, trade confirmations and monthly account statements."