Restaurant chain P.F. Chang’s China Bistro (NASDAQ: PFCB) is going private.
The company announced that it will be acquired by private equity firm Centerbridge Partners for about $1.1 billion. The company also operates Pei Wei and True Food Kitchen restaurants.
Centerbridge will pay $51.50 a share, 30% above the Monday’s market close for P.F. Chang’s shares. The transaction is expected to close later this year, if Centerbridge can acquire 83% of outstanding shares. P.F. Chang’s can explore competing offers until May 31.
P.F. Chang’s shares soared almost 30% in Tuesday trading to just over $51.
First-quarter profits at P.F. Chang’s fell 41% to $6.3 million, down from $10.6 million last year, while same-store sales slipped 0.6%.
Adjusted EPS was 35 cents during the quarter, which narrowly missed analysts’ forecasts, the Associated Press noted.
Revenue for the quarter rose to $318.9 million, compared to $317.4 million last year. Analysts had expected $312.8 million in revenue for the quarter.