Its all about who you know. The buyer of PFC got screwed but how much do you want to bet that the people administrating the buyout are not using their own cash but rather their own investors cash? Money talks and #$%$ walks.
I think we all know that PFC is doomed. Their food, and I am not kidding, is no better than panda rice. In fact, the orange chicken at panda rice is 10x better. The only thing PFC has is ok deserts, alcohol, a bigger menu. Otherwise the quality is fast food level.
Given that PFCB is known to be underperforming in terms of profit, I would look more at price to sales, which is only 0.88. At that ratio, CAKE would be priced at $29 / share. Of course, a buyer expects to turn a profit on top of that, but I don't see a similar buyout opportunity here, because results have not been as dismal.