Casual Dinning Deal Points to PBJ and PEJ

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Casual dining restaurant stocks could see action today after PF Chang's (Nasdaq: PFCB) agreed to be taken over private by Centerbridge Partners for $51.50 per share, or a 30% premium.

While there is not a specific ETF that tracks the casual diners, PowerShares Dynamic Food & Beverage (NYSE: PBJ) and PowerShares Dynamic Leisure & Ent. (NYSE: PEJ) could be on trader's radars.

Some of PBJ's top holdings are: Yum Brands (NYSE: YUM), Kroger Co (NYSE: KR), and General Mills, Inc. (NYSE: GIS) and McDonalds (NYSE: MCD).

Some of PEJ's top holding are: Priceline.com (NASDAQ: PCLN), Walt Disney Co (NYSE: DIS), Yum Brands (NYSE: YUM), Chipotle Mexican Grill (NYSE: CMG), and Starbucks Corporation (NASDAQ: SBUX).

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