S&P: Chipotle To Replace Novell In S&P 500 After Takeover

  DOW JONES NEWSWIRES 
 

Chipotle Mexican Grill Inc. (CMG) will replace Novell Inc. (NOVL) in the Standard & Poor's 500 index, as the software maker is being taken private by a group of private-equity firms.

S&P didn't state a date on which the swap will occur, as the deal to take Novell private hasn't yet been finalized.

Novell in November agreed to be taken over by a trio of private-equity firms--Francisco Partners, Golden Gate Capital and Thoma Bravo LLC--for about $2.2 billion, ending an eight-month battle for the software company.

Chipotle, which runs its namesake burrito restaurants, earlier Wednesday reported that its first-quarter earnings climbed 23% as it raised its same-store sales growth outlook for the year.

Still, investors sold off the stock, which fell 3.4% to $277.50 in recent after-hours trading. As of the close, the stock had more than doubled in value in the past year and had risen 35% so far this year.

-By Nathan Becker, Dow Jones Newswires; 212-416-2855; [e-mail]