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What: Shares of restaurant operator P.F. Chang's China Bistro
So what: It's earnings season and P.F. Chang's did report earnings today, but nobody really cares all that much about the company's first-quarter results right now. The big news is that the company signed an agreement to be sold to private equity firm Centerbridge Partners for $1.1 billion, or $51.50 per share.
Now what: No doubt some public shareholders who were excited about the long-term prospects of P.F. Chang's will be disappointed that the company is on its way to being taken private. However, the price that Centerbridge is paying looks like a pretty good one, valuing the company at 33 times expected 2012 earnings and 27 times 2013 estimates. The $51.50 price tag is a 30% premium to the average stock price over the 30 days ending April 30.
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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or Facebook. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.