P.F. Chang's to Be Acquired by Centerbridge Partners for $51.50/Share or $1.1B

P.F. Chang's China Bistro, Inc.

today announced that it has entered into a definitive merger agreement with Centerbridge Partners, L.P. (“Centerbridge”), a leading private investment firm, in a transaction valued at approximately $1.1 billion, which will result in P.F. Chang's becoming a private company. Under the terms of the merger agreement, which has been approved by the Company's Board of Directors, Centerbridge will acquire all of the outstanding shares of P.F. Chang's common stock for $51.50 per share in cash. This represents a premium of approximately 30% over the average closing share price of P.F. Chang's common stock for the 30 days ended April 30, 2012.