Restaurant Stocks Get Busy
It's been quite a couple of weeks for restaurants, a sector that has been fascinating in the past few years, even to this value investor. The biggest news was yesterday's announcement that P.F. Chang's China Bistro (PFCB) is being taken private for $1.09 billion, or $51.50 per share, which represents a 30% premium to Monday's closing price.
The stock had stumbled during the fall, hitting the mid-$20s, after revenue flattened and the company had a couple of quarterly earnings misses. At one point, this was viewed as a tremendous growth story, but one that simply ran out of steam. If nothing else, the takeout price is very close to the company's all-time high, which it hit back in late 2010....399 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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