In connection with the previously announced agreement to acquire P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) (“P.F. Chang’s” or the “Company”), Centerbridge Partners, L.P. and P.F. Chang’s today announced that Wok Acquisition Corp. has extended the expiration of its tender offer to acquire all of the outstanding shares of P.F. Chang’s common stock for $51.50 net per share in cash, without interest and less any required withholding taxes, to 12:00 midnight, New York City time, at the end of Thursday, June 28, 2012, unless further extended. The tender offer was previously scheduled to expire at 5:00 p.m., New York City time, on Wednesday, June 20, 2012. All other terms and conditions of the tender offer remain unchanged, including, without limitation, the tender of at least 83% of the outstanding shares of P.F. Chang’s. The tender offer is being extended, with the consent of P.F. Chang’s, in connection with the planned syndication of the debt financing as described in the terms of the tender offer materials. The depositary for the tender offer has advised that, as of the close of business on June 20, 2012, a total of approximately 14,348,755 shares of P.F. Chang’s common stock were validly tendered and not properly withdrawn in the tender offer. About P.F. Chang’s P.F. Chang’s China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche. P.F. Chang’s China Bistro features a blend of high-quality, Chinese-inspired cuisine and American hospitality in a sophisticated, contemporary bistro setting. Pei Wei Asian Diner offers a modest menu of freshly prepared pan-Asian cuisine in a relaxed, warm environment offering attentive counter service and take-out flexibility. In addition, the Company has extended its brands to international markets, airport locations, and retail products all of which are operated under licensing agreements. The Company has also announced an agreement to exercise its right to convert an outstanding loan facility it provided to True Food Kitchen, a Fox Restaurant Concept specializing in healthy, locally sourced and globally inspired meals, to a majority equity position in True Food Kitchen. The Company and True Food Kitchen recently agreed to postpone the effective date of the conversion until October 31, 2012, provided that if the merger of Wok Acquisition Corp. (“Purchaser”) into the Company as described in the tender offer materials is consummated before this date, the Company’s conversion election will be automatically terminated and rescinded and the loan facility will continue to operate in full force and effect and on the same terms and conditions after the merger as prior to the Company’s conversion election.
The ex-dividend date for P.F. Chang's China Bistro (Nasdaq:PFCB) is tomorrow, May 9, 2012. Owners of shares as of market close today will be eligible for a dividend of 28 cents per share. At a price of $51.42 as of 9:30 a.m., the dividend yield is 2.1%.