Centerbridge extends P.F. Chang's tender offer

Centerbridge Partners extends tender offer for P.F. Chang's shares until end of Friday

Associated Press

NEW YORK (AP) -- The private equity firm that's attempting to acquire P.F. Chang's China Bistro Inc. in a $1.09 billion deal said Friday that it extended its tender offer for the restaurant chain operator's shares until the end of the day.

New York-based Centerbridge Partners LP first made its offer of $51.50 per share in May. At the time it represented a 30 percent premium over the company's stock price.

The offer, which was extended previously, was set to expire at the end of Thursday. All of the offer's terms and conditions remain the same, including the requirement that at least 83 percent of the shares be tendered, Centerbridge said.

As of Thursday, 16.3 million of the company's shares had been tendered, representing about 88.4 percent of its common stock. Centerbridge said the offer is being extended only to allow the settlement of shares tendered under notices of guaranteed delivery.

When the offer was made, P.F. Chang's CEO Rick Federico said that the deal would give the company greater flexibility in improving its restaurants.

The Scottsdale, Ariz., company, which operates its namesake restaurants and Pei Wei Asian Diners, has been struggling to update its brand amid growing competition. In its most recent first quarter, net income fell 41 percent as revenue at restaurants open at least a year declined.

Shares of P.F. Chang's added 1 cent to $51.47 in morning trading.

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