P.F. Chang's Sold in $1.1 Billion Deal
On the heels of opening a new concept and acquiring a majority interest in True Food Kitchen,, Scottsdale-based P.F. Chang's announced today it is selling more than spicy chicken and wontons.
The Phoenix Business Journal reports that P.F. Chang's is being acquired by a private equity firm in a deal valued at around $1.1 billion. The firm, Centerbridge Partners in New York, will buy all outstanding shares of P.F. Chang's China Bistro Inc. to the tune of $51.50 per share, making the cash offer around 30 percent over the company's company's closing stock price yesterday.
The Journal goes on to report that P.F. Chang's has been hurt by the recession and saw drops in profit and store traffic in 2011.
P.F. Chang's headquarters, the Phoenix Business Journal reports, are expected to remain in Scottsdale for now.
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