Business & Tech

P.F. Chang's Buyout for $1.1 Billion Reported

The Chesterfield China Bistro is part of Arizona-based chain.

Officials for P.F. Chang's China Bistro Inc. said Tuesday they agreed to sell in a $1.1 billion buyout deal with Centerbridge Partners L.P., as reported by The Wall Street Journal Marketwatch.

Marketwatch said Chang's would "be acquired for $51.50 a share in cash."

The Scottsdale, Ariz., restaurant chain will become a private company after the deal closes. The price values P.F. Chang's at a premium of 30 percent over its Monday closing price of $39.69 a share.  

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