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If you purchased shares of P.F. Chang's China Bistro (NASDAQ:PFCB) prior to May 1, 2012 and currently hold any of those NASDAQ:PFCB shares, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
May 01, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in NASDAQ:PFCB shares was announced concerning whether the offer by Centerbridge Partners, L.P. to take over P.F. Chang's China Bistro at $51.50 per share and the takeover process are unfair to investors NASDAQ:PFCB shares.
The investigations by law firms concern whether certain officers and directors of P.F. Chang's China Bistro breached their fiduciary duties owed to PNASDAQ:PFCB investors in connection with the proposed acquisition.
On Tuesday, May 1, 2012, P.F. Chang's China Bistro, Inc. (NASDAQ: PFCB) announced that it has entered into a merger agreement with Centerbridge Partners, L.P. 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 proposed transaction, Centerbridge Partners will acquire all of the outstanding shares of P.F. Chang China Bistro's common stock for $51.50 per share in cash.
P.F. Chang's China Bistro, Inc. said the $51.50offer 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.
Following the takeover news shares of P.F. Chang's China Bistro (NASDAQ:PFCB) jumped from $39.69 on Monday to $51.57 per share on Tuesday, May 1, 2012.
However, NASDAQ:PFCB shares traded in the end of 2010 as high as $52.86 per share, thus well above the current offer.
In addition P.F. Chang's China Bistro has performed consistently well for its investors in the past. Its Total Revenue over the 4 past 52weeks filing period ranged from $1.19billion to $1.24billion and its Net Income from $27.43million to $46.61million.
Therefore the investigation for NASDAQ:PFCB investors concerns whether the proposed transaction is unfair to P.F. Chang's stockholders. Specifically, the investigation focuses on whether the P.F. Chang's China Bistro Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
