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P.F. Chang’s to Be Bought by Centerbridge for $1 Billion

P.F. Chang’s China Bistro Inc., the biggest Asian full-service restaurant operator in the U.S. by market share, agreed to be taken private by Centerbridge Partners LP in a deal valuing the company at $1.1 billion.

The takeover would give New York-based Centerbridge, which has about $20 billion in capital under management, a chain with almost 400 restaurants under the P.F. Chang’s China Bistro and Pei Wei brands. Centerbridge offered $51.50 a share in cash, about 30 percent higher than the average share price over the past 30 days, the companies said today in a statement.