Centerbridge Partners extends offer to acquire P.F. Chang's China Bistro to June 20
Nevin Barich
SCOTTSDALE, Arizona & NEW YORK
,
June 8, 2012
(press release)
–
In connection with the previously announced agreement to acquire P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) (“P.F. Chang’s” or the “Company”), Centerbridge Partners, L.P. and P.F. Chang’s today announced that Wok Acquisition Corp. has extended the expiration of its tender offer to acquire all of the outstanding shares of P.F. Chang’s common stock for $51.50 net per share in cash, without interest and less any required withholding taxes, to 5:00 p.m., New York City time, on Wednesday, June 20, 2012, unless further extended. The tender offer was previously scheduled to expire at midnight, New York City time, at the end of Tuesday, June 12, 2012. All other terms and conditions of the tender offer remain unchanged, including, without limitation, the tender of at least 83% of the outstanding shares of P.F. Chang’s.
The tender offer is being extended, with the consent of P.F. Chang’s, in connection with the planned syndication of the debt financing as described in the terms of the tender offer materials.
The depositary for the tender offer has advised that, as of the close of business on June 7, 2012, a total of approximately 903,207 shares of P.F. Chang’s common stock were validly tendered and not properly withdrawn in the tender offer.
About P.F. Chang’s
P.F. Chang’s China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche. P.F. Chang’s China Bistro features a blend of high-quality, Chinese-inspired cuisine and American hospitality in a sophisticated, contemporary bistro setting. Pei Wei Asian Diner offers a modest menu of freshly prepared pan-Asian cuisine in a relaxed, warm environment offering attentive counter service and take-out flexibility. In addition, the Company has extended its brands to international markets, airport locations, and retail products all of which are operated under licensing agreements. The Company has also announced an agreement to acquire a majority equity ownership position in True Food Kitchen, a Fox Restaurant Concept specializing in healthy, locally sourced and globally inspired meals.
About Centerbridge
Centerbridge Partners, L.P. is a private investment firm headquartered in New York City with approximately $20 billion in capital under management. The firm focuses on private equity and credit investments. The firm is dedicated to partnering with world-class management teams across targeted industry sectors to help companies achieve their operating and financial objectives.
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