P.F. Chang's reaches $1.09B deal to go private

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Associated Press

Posted on May 1, 2012 at 6:01 AM

Updated Tuesday, May 1 at 6:02 AM

SCOTTSDALE, Ariz. (AP) — P.F. Chang's is going private in a deal with a private equity firm that is valued at around $1.09 billion.

Centerbridge Partners LP will buy the stock of the Scottsdale, Ariz., company for $51.50 each.

The cash offer represents a 40 percent premium over the closing stock price Monday for P.F. Chang's China Bistro Inc.

The company operates its namesake restaurant chain, along with the Pei Wei, True Food Kitchen and Global Brands businesses.

Centerbridge will begin a tender offer for P.F. Chang's shares no later than May 15. In order for the deal to close, about 83 percent of the shares need to be tendered.

The acquisition is expected to close in the third quarter.

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