Centerbridge Partners Buys P.F. Chang's for $1.1 Billion P.F. Chang's China Bistro, the Asian-themed restaurant operator, has agreed to go private in a deal valued at $1.1 billion. Under the terms of the transaction announced on Tuesday, Centerbridge Partners, the private equity firm, will pay P.F. Chang's shareholders $51.50 a share in cash, 29.8 percent above the closing price on Monday. P.F. Chang's also has the option to shop itself to other buyers during the next 30 days to find a superior bid. Founded about two decades ago in Scottsdale, Ariz., P.F. Chang's manages two restaurant brands: its namesake line, a Chinese-inspired casual restaurant chain, and Pei Wei's Asian Diner, a pan-Asian chain. While it fully owns its restaurants in the United States, it also sells licensing agreements abroad, with franchises in Kuwait City and Dubai. While P.F. Chang's is a well-known domestic brand with hundreds of locations in the United States, it has struggled to shore up sales and foot traffic. In the first quarter, revenue rose slightly, to $318.9 million, from the period a year earlier, while its profit narrowed to $6.3 million. Sales at stores open more than a year fell 0.6 percent at P.F. Chang's China Bistro and dropped 1.7 percent at Pei Wei's for the first quarter. "We are confident that being a private company will provide us with greater flexibility to focus on our long-term strategic plan of elevating our guest experience, enhancing our value proposition, growing traffic and improving the performance of our brands," Richard L. Federico, the chief executive of P.F. Chang's, said in a statement. The deal is expected to close by the end of the third quarter.