Centerbridge Partners, which previously extended its offer to buy P.F. Chang's China Bistro Inc three times, said 83.7 percent of the restaurant chain's shares had been tendered when the offer expired, allowing the private equity firm to push through the deal.
Centerbridge, which offered to buy the company for $51.50 per share in May, needed 83 percent of P.F. Chang's outstanding shares tendered for the $1.1 billion deal to be completed.
The private equity firm recently extended the deadline of its offer for the third time until 1700 ET last Friday.
Centerbridge said 17.8 million P.F. Chang's shares had been tendered when the offer expired, less than the 18.8 million shares, or 88.4 percent of shares outstanding, that had been tendered by its previous deadline of midnight last Thursday.
This article is copyrighted by Reuters
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