Centerbridge completes tender offer for P.F. Chang's
July 2, 2012
SCOTTSDALE, ARIZ. — Investment firm Centerbridge Partners has gained control of P.F. Chang’s after the completion of a tender offer, and the firm is moving forward with a merger that will make P.F. Chang’s an indirect, wholly-owned subsidiary of Wok Parent L.L.C. The merger is expected to be completed today.
P.F. Chang’s China Bistro, Inc., Centerbridge Partners, L.P., Wok Parent L.L.C. and Wok Acquisition Corp., an affiliate of Centerbridge, completed the tender offer for all outstanding shares of P.F. Chang’s as of 5 p.m. Eastern Time on June 29.
At the time of expiration, about 17,819,727 shares of P.F. Chang’s common stock were tendered and not withdrawn, representing about 83.7% of all outstanding shares of P.F. Chang’s common stock. The tender price was $51.50 per share. Any shares of P.F. Chang’s that were not previously tendered will be cancelled and will be converted into the right to receive the same $51.50 per share in cash paid in the tender offer. P.F. Chang’s common stock will cease to be traded on the NASDAQ Global Select Market.
Scottsdale, Ariz.-based P.F. Chang’s operates its namesake restaurants and Pei Wei Asian Diners.