P.F. Chang’s sale is privatized

P.F. Chang’s sale is privatized (Alberta Times) The largest chain of Chinese restaurants in the United States, Zaohua Restaurant (P.F. Chang’s…

P.F. Chang’s China Bistro Inc (PFCB), the largest Chinese restaurant chain in the United States, announced on Tuesday that it has agreed to be acquired by Centerbridge Partners for $51.50 per share, a transaction worth approximately $1.1 billion. Huaguan will be delisted and become a private company after the transaction is completed. Headquartered in Scottsdale, Huaguan is a chain of high-end Chinese restaurants founded by former oil businessman Paul Fleming in 1993. Unlike the chop suey restaurants of the 20th century or the contemporary family-style Chinese restaurants in the Midwest, Huaguan cooks authentic Chinese food without changing the ingredients, flavors or recipes of the Chinese food, catering to foreign customers with its own characteristics. Based on the closing price of Huaguan's stock on Monday, the premium of Centerbridge's above-mentioned bid is approximately 30%. The food at Hua Guan always maintains unique Chinese characteristics to distinguish it from ordinary Chinese restaurants. However, customers still come back, and with their new understanding of Chinese cooking culture, they adjust their tastes and embrace new flavors from the East.