Canterbridge Partners Buys China Bistro Inc
By: Leon Castles
on Wednesday, May 02, 2012
Orlando has always been known for the kind of entertainment that the city provides. Hence, you will find many top restaurants and hotels in the city. However, as per the latest business news, Canterbridge Partners have now decided that they would go ahead and buy P.F. Chang’s China Bistro Inc for $1.1 billion. Although, many financial experts believe that China Bistro Inc should not have done this deal and that they were financially very strong but the fact is that the restaurant was really struggling in the last few months and they have also dropped their earnings by 40% in the last few months.
P.F. Chang’s China Bistro Inc also have stock prices on NASDAQ and the amount of money that the company has offered is around 30% of the premium stock prices that China Bistro Inc has. This year, the restaurant only made a profit of $6.3 million which is 30 cents a share compared to last year’s profit which was $10.6 million or 46 cents a share. Although, the restaurant had a better revenue this year but they were not able to make it. Many of the financial experts believed that the company would earn $322 million, but they only managed to earn $318.9 million. Currently, the restaurant has one location in Orlando and one in Winter Park.