Credit: Upscale Chinese food chain P.F. Chang's China Bistro ( PFCB ) on Tuesday announced it would be taken private by a private equity firm in a deal valued around $1.09 billion.
In pursuant to the deal, New York's Centerbridge Partners LP will purchase all shares of PFCB for $51.50 each, representing a 40% premium over the stock's Monday closing price of $39.67.
Centerbridge will begin a tender offer for the shares no later than May 15. In order for the deal to be completed, they must tender around 83% of the shares.
The announcement came in tandem with the company's latest earnings report.
P.F. Chang's shares surged $11.92, or +30%, in premarket trading Tuesday.
P.F. Chang's China Bistro ( PFCB ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Created by Dividend.com
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
