News Briefs for May 1, 2012
May 1, 2012•P.F. Chang’s China Bistro has agreed to become a private company in a merger deal with investment firm Centerbridge Partners. Under the agreement, which is valued at $1.1 billion, Centerbridge will acquire outstanding shares of P.F. Chang’s common stock for $51.50 a share in cash, which is 29.8% more than P.F. Chang’s closing share price on Monday. The merger agreement is expected to close by the end of the third quarter of 2012, but P.F. Chang’s has an option to solicit higher bids from third parties during the next 30 days. P.F. Chang’s has also reported financial results from its fiscal first quarter ended April 1. Total revenues stood at $318.9 million, a modest increase from $317.4 million over the same period last year.
•Heaven Hill Distilleries has unveiled two new products—Mariposa Agave Nectar liqueur and Burnett’s Maple Syrup flavored vodka. Mariposa Agave Nectar liqueur will be released in select markets including New York, Boston, San Francisco, Los Angeles, Miami, Denver and Chicago beginning in June. The 30%-abv agave nectar liqueur contains 100%-agave Tequila and vodka and is priced at $24.99 a 750-ml. Burnett’s Maple Syrup, the 28th addition to the brand’s flavor line, is available now at $10.99 a 750-ml. Burnett’s was an Impact “Hot Brand” from 2006–2010, but saw a volume decline of 4.3% to 1.68 million cases in the U.S. last year, according to Impact Databank.
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