Private equity firm Centerbridge Partners L.P. said late Wednesday that Wok Acquisition Corp. has extended the expiration of its tender offer to acquire all outstanding common shares of P.F. Chang's China Bistro Inc. (PFCB) for $51.50 per share in cash to June 28 this year. Wok Acquisition Corp is a newly formed entity owned by funds advised by Centerbridge Partners.
On May 1, 2012, resturant chain P.F. Chang agreed to be acquired by Centerbridge Partners for $51.50 per share, or for a total of $1.1 billion.
Centerbridge Partners said oll 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 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on June 20, a total of about 14.34 million shares of P.F. Chang's common stock were validly tendered and not properly withdrawn.
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