P.F. Chang's (PFCB) Taken Private by Centerbridge at $51.50/Share
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P.F. Chang's China Bistro, Inc. (NASDAQ: PFCB) agreed to be acquired by private equity firm Centerbridge Partners, L.P. for $51.50 per share in cash, or $1.1 billion. The deal comes at a 30 percent premium to Monday's closing price.
"We are excited about this transaction with Centerbridge, as it recognizes the value of P.F. Chang's highly respected brands and talented employees, while providing our stockholders with an immediate and substantial cash premium for their investment,” said Rick Federico, Chairman and CEO of P.F. Chang's. "We look forward to working with Centerbridge to further strengthen the Company and our growing P.F. Chang's, Pei Wei, True Food Kitchen and Global Brands businesses. We are confident that being a private company will provide us with greater flexibility to focus on our long-term strategic plan of elevating our guest experience, enhancing our value proposition, growing traffic and improving the performance of our brands."
Under the deal, Centerbridge will commence a tender offer for all of the outstanding shares of the Company no later than May 15, 2012. The Company expects the transaction to close no later than the end of the third quarter of 2012.
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"We are excited about this transaction with Centerbridge, as it recognizes the value of P.F. Chang's highly respected brands and talented employees, while providing our stockholders with an immediate and substantial cash premium for their investment,” said Rick Federico, Chairman and CEO of P.F. Chang's. "We look forward to working with Centerbridge to further strengthen the Company and our growing P.F. Chang's, Pei Wei, True Food Kitchen and Global Brands businesses. We are confident that being a private company will provide us with greater flexibility to focus on our long-term strategic plan of elevating our guest experience, enhancing our value proposition, growing traffic and improving the performance of our brands."
Under the deal, Centerbridge will commence a tender offer for all of the outstanding shares of the Company no later than May 15, 2012. The Company expects the transaction to close no later than the end of the third quarter of 2012.
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