P.F. Chang's China Bistro Inc. (Scottsdale, Ariz.) has entered into a merger agreement with private investment firm Centerbridge Partners L.P. (New York). The transaction is valued at approximately $1.1 billion and will make P.F. Chang's a private company.
The merger agreement, which has been approved by the company's board of directors, gives Centerbridge all of the outstanding shares of P.F. Chang's common stock for $51.50 per share in cash.
“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,” says 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.”