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Centerbridge closes tender offer for PF Chang's

NEW YORK (AP) -- The private equity company that has bid $1.09 billion for the P.F. Chang's restaurant chain said that it expects to close the deal Monday.

Centerbridge Partners LP completed its $51.50 per-share tender offer Sunday. By the time the offer had closed, 17.8 million shares of common stock had been tendered, or about 83.7 percent of all shares.

The New York firm said it will acquire the remainder of the shares promptly and the Scottsdale, Ariz., company will become a subsidiary of Centerbridge's Wok Parent LLC. Shares will cease trading on the Nasdaq stock exchange.

P.F. Chang's China Bistro Inc. operates its namesake restaurants and Pei Wei Asian Diners.

The company has struggled make needed upgrades in a very competitive sector. In the first quarter, profit tumbled 41 percent as revenue at restaurants open at least a year declined.