UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE TO
Tender Offer Statement under Section 14(d)(1) or 13(e)(1)
of the Securities Exchange Act of 1934
(Amendment No. 1)
P.F. CHANGS CHINA BISTRO, INC.
(Name of Subject Company (Issuer))
WOK ACQUISITION CORP.
WOK PARENT LLC
WOK HOLDINGS INC.
(Name of Filing Persons (Offerors))
CENTERBRIDGE CAPITAL PARTNERS II, L.P.
(Name of Filing Persons (Other Person(s))
COMMON STOCK, PAR VALUE $0.001 PER SHARE
(Title of Class of Securities)
69333Y108
(CUSIP Number of Class of Securities)
Susanne V. Clark
c/o Centerbridge Partners, L.P.
375 Park Avenue, 12th Floor
New York, New York 10152
Telephone: (212) 672-5000
(Name, address, and telephone numbers of person authorized to receive notices and
communications on behalf of filing persons)
Copy to:
Michael E. Lubowitz, Esq.
Douglas P. Warner, Esq.
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153
(212) 310-8000
CALCULATION OF FILING FEE
Transaction Valuation(1) | Amount of Filing Fee(2) | |
$1,107,651,252 |
$126,937 |
(1) | Estimated for purposes of calculating the filing fee only. The transaction valuation was calculated by adding the sum of (i) 21,283,548 shares of common stock, par value $0.001 per share, of P.F. Changs China Bistro, Inc. (P.F. Changs) outstanding multiplied by the offer price of $51.50 per share, (ii) 737,592 shares of common stock, par value $0.001 per share, of P.F. Changs, issuable pursuant to outstanding options with an exercise price less than the offer price of $51.50 per share, multiplied by the offer price of $51.50 per share minus the weighted average exercise price for such options of $38.95 per share and (iii) 44,500 outstanding restricted stock units, multiplied by the offer price of $51.50 per share. The calculation of the filing fee is based on information provided by P.F. Changs as of May 4, 2012. | |||
(2) | The filing fee was calculated in accordance with Rule 0-11 under the Securities Exchange Act of 1934 by multiplying the transaction value by 0.00011460. | |||
þ | Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. | |||
Amount Previously Paid: $126,937.00 |
Filing Party: Wok Acquisition Corp., Wok Parent LLC, Wok Holdings Inc. and Centerbridge Capital Partners II, L.P. | |||
Form of Registration No.: Schedule TO |
Date Filed: May 15, 2012 | |||
¨ | Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. | |||
Check the appropriate boxes below to designate any transactions to which the statement relates: | ||||
þ Third-party tender offer subject to Rule 14d-1. ¨ Issuer tender offer subject to Rule 13e-4. ¨ Going-private transaction subject to Rule 13e-3. ¨ Amendment to Schedule 13D under Rule 13d-2. |
||||
Check the following box if the filing is a final amendment reporting the results of the tender offer. ¨ |
This Amendment No. 1 amends and supplements the Tender Offer Statement on Schedule TO filed with the U.S. Securities and Exchange Commission (the SEC) on May 15, 2012 (which, together with any amendments and supplements thereto, collectively constitute the Schedule TO) and relates to the offer by Wok Acquisition Corp., a Delaware corporation (Purchaser) and an indirect wholly-owned subsidiary of Wok Parent LLC, a Delaware limited liability company (Parent), which is controlled by Centerbridge Capital Partners II, L.P. (Centerbridge), to purchase all of the outstanding shares of common stock, par value $0.001 per share (the Shares), of P.F. Changs China Bistro, Inc., a Delaware corporation (P.F. Changs), at a purchase price of $51.50 per Share, net to the seller in cash, without interest thereon and less any required withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase dated May 15, 2012 (which, together with any amendments and supplements thereto, collectively constitute the Offer to Purchase) and in the related Letter of Transmittal, copies of which are attached to the Schedule TO as Exhibits (a)(1)(A) and (a)(1)(B), respectively (which, together with the Offer to Purchase, as each may be amended or supplemented from time to time, collectively constitute the Offer). The Schedule TO (including the Offer to Purchase) and the Solicitation/Recommendation Statement on Schedule 14D-9 filed with the SEC by P.F. Changs on May 15, 2012 contain important information about the Offer, all of which should be read carefully by P.F. Changs stockholders before any decision is made with respect to the Offer. The Offer is made pursuant to the Agreement and Plan of Merger, dated as of May 1, 2012, among Parent, Purchaser and P.F. Changs.
Documentation relating to the Offer has been mailed to stockholders of P.F. Changs and may be obtained at no charge at the website maintained by the SEC at www.sec.gov and may also be obtained at no charge by directing a request by mail to Georgeson Inc., 199 Water Street, 26th Floor, New York, New York 10038-3560, or by calling toll-free at (866) 300-8594.
Items 1-11.
The Offer to Purchase is hereby amended by amending and supplementing the information set forth in Section 16 of the Offer to Purchase entitled Certain Legal Matters; Regulatory Approvals by adding the following sentence at the end of the final paragraph under the heading Antitrust Compliance:
Early termination of the waiting period for the Offer and the Merger was granted effective May 18, 2012.
Item 12. Exhibits.
Item 12 of the Schedule TO is hereby amended by adding the following exhibit thereto:
Exhibit | Exhibit Name | |
(a)(5)(G) | Press Release issued by P.F. Changs China Bistro, Inc. on May 21, 2012. |
SIGNATURE
After due inquiry and to the best of the knowledge and belief of each of the undersigned, each of the undersigned hereby certifies that the information set forth in this statement is true, complete and correct.
WOK ACQUISITION CORP. | ||
By: |
/s/ Jason Mozingo | |
Name: |
Jason Mozingo | |
Title: |
President | |
WOK PARENT LLC | ||
By: |
/s/ Jason Mozingo | |
Name: |
Jason Mozingo | |
Title: |
President | |
WOK HOLDINGS INC. | ||
By: |
/s/ Jason Mozingo | |
Name: |
Jason Mozingo | |
Title: |
President | |
CENTERBRIDGE CAPITAL PARTNERS II, L.P. | ||
By: |
Centerbridge Associates II, L.P., | |
its general partner | ||
By: |
Centerbridge GP Investors II, LLC | |
its general partner | ||
By: |
/s/ Jason Mozingo | |
Name: |
Jason Mozingo | |
Title: |
Senior Managing Director and Authorized Signatory |
Date: May 21, 2012
EXHIBIT INDEX
Exhibit | Exhibit Name | |||
(a)(1)(A) | Offer to Purchase dated May 15, 2012.* | |||
(a)(1)(B) | Letter of Transmittal (including Guidelines for Certification of Taxpayer Identification Number (TIN) on Substitute Form W-9).* | |||
(a)(1)(C) | Notice of Guaranteed Delivery.* | |||
(a)(1)(D) | Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.* | |||
(a)(1)(E) | Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.* | |||
(a)(5)(A) | Press Release issued by P.F. Changs China Bistro, Inc. on May 1, 2012, incorporated herein by reference to Exhibit 99.1 to the Schedule TO-C filed by Purchaser on May 1, 2012.* | |||
(a)(5)(B) | Form of Summary Advertisement as published on May 15, 2012 in The New York Times.* | |||
(a)(5)(C) | Class Action Complaint, dated as of May 2, 2012 (Israni v. P.F. Changs China Bistro, Inc., et al.).* | |||
(a)(5)(D) | Class Action Complaint, dated as of May 11, 2012 (Jeanty v. Kerrii B. Anderson, et al.).* | |||
(a)(5)(E) | Class Action Complaint, dated as of May 11, 2012 (Macomb County Employees Retirement System v. P.F. Changs China Bistro, Inc., et al.).* | |||
(a)(5)(F) | Press Release issued by P.F. Changs China Bistro, Inc. on May 15, 2012.* | |||
(a)(5)(G) | Press Release issued by P.F. Changs China Bistro, Inc. on May 21, 2012.** | |||
(b) | Not applicable. | |||
(d)(1) | Agreement and Plan of Merger, dated as of May 1, 2012, among Wok Parent LLC, Wok Acquisition Corp. and P.F. Changs China Bistro, Inc.* | |||
(d)(2) | Nondisclosure and Standstill Agreement, dated as of March 2, 2012, between P.F. Changs China Bistro, Inc. and Centerbridge Advisors II, LLC.* | |||
(d)(3) | First Amendment to Nondisclosure and Standstill Agreement, dated as of March 27, 2012, between P.F. Changs China Bistro, Inc. and Centerbridge Advisors II, LLC.* | |||
(d)(4) | Equity Commitment Letter, dated as of May 1, 2012, from Centerbridge Capital Partners II, L.P. and Centerbridge Capital Partners SBS II, L.P. to Parent.* | |||
(d)(5) | Limited Guarantee, dated as of May 1, 2012, delivered by Centerbridge Capital Partners II, L.P. in favor of P.F. Changs.* | |||
(d)(6) | Amended and Restated Debt Commitment Letter, dated as of May 15, 2012, from Wells Fargo Bank, National Association, WF Investment Holdings, LLC, Wells Fargo Securities, LLC, Deutsche Bank Trust Company Americas, Deutsche Bank AG Cayman Islands Branch, Deutsche Bank Securities Inc. and Barclays Bank PLC to Purchaser.* | |||
(g) | Not applicable. | |||
(h) | Not applicable. |
* | Previously filed. |
** | Filed herewith. |
Exhibit (A)(5)(G)
P.F. CHANGS CHINA BISTRO, INC. ANNOUNCES EARLY TERMINATION OF HSR WAITING PERIOD
Scottsdale, Arizona, May 21, 2012 P.F. Changs China Bistro, Inc. (NASDAQ: PFCB) (P.F. Changs or the Company) today announced that the Federal Trade Commission (the FTC) has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the HSR Act), relating to the previously announced proposed acquisition of all outstanding shares of common stock of the Company by Wok Acquisition Corp. (Purchaser), a newly formed entity that is wholly-owned by funds advised by Centerbridge Partners, L.P. (Centerbridge), a leading private investment firm. Accordingly, the condition to the closing of the transaction with respect to the expiration of the applicable waiting periods under the HSR Act has been satisfied.
As previously disclosed, on May 15, 2012, Purchaser commenced a cash tender offer to acquire all of the outstanding shares of P.F. Changs common stock. Upon the successful closing of the tender offer, stockholders of P.F. Changs who tendered their shares in the tender offer will receive $51.50 per share in cash, without interest and less any required withholding taxes. The tender offer is being made pursuant to an Offer to Purchase and a related letter of transmittal, each dated May 15, 2012, and a merger agreement entered into on May 1, 2012 between the Company, Wok Parent LLC (Parent) and Purchaser. After completion of the tender offer and the satisfaction or waiver of all conditions, Purchaser will be merged with and into the Company with the Company continuing as the surviving corporation and becoming an indirect wholly-owned subsidiary of Parent. At the time of the merger, all outstanding shares of the Companys common stock, other than shares held by Parent, Purchaser, the Company or any of their respective affiliates or shares held by the Companys stockholders who have and validly exercise appraisal rights under Delaware law, will be canceled and converted into the right to receive cash equal to the $51.50 offer price per share. In certain cases, the parties have agreed to proceed with a one-step merger transaction if the tender offer is not completed.
The tender offer will expire at midnight, New York City time on Tuesday, June 12, 2012, unless extended or earlier terminated in accordance with the terms of the merger agreement and the applicable rules and regulations of the SEC. The completion of the tender offer remains subject to certain conditions as described in the tender offer statement on Schedule TO filed by Parent, Purchaser, Wok Holdings, Inc., and an affiliate of Centerbridge, with the Securities and Exchange Commission (the SEC) on May 15, 2012.
About P.F. Changs
P.F. Changs China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche. P.F. Changs China Bistro features a blend of high-quality, Chinese-inspired cuisine and American hospitality in a sophisticated, contemporary bistro setting. Pei Wei
Asian Diner offers a modest menu of freshly prepared pan-Asian cuisine in a relaxed, warm environment offering attentive counter service and take-out flexibility. In addition, the Company has extended its brands to international markets, airport locations, and retail products all of which are operated under licensing agreements. The Company has also announced an agreement to acquire a majority equity ownership position in True Food Kitchen, a Fox Restaurant Concept specializing in healthy, locally sourced and globally inspired meals.
Forward Looking Statements
This press release may contain forward-looking statements that involve significant risks and uncertainties. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including all statements regarding information regarding the intent, belief or current expectation of the Company and members of its senior management team. Forward-looking statements include, without limitation, statements regarding business combinations and similar transactions, prospective performance and opportunities and the outlook for the Companys businesses, performance and opportunities and regulatory approvals, the anticipated timing of filings and approvals relating to the transaction; the expected timing of the completion of the transaction; the ability to complete the transaction considering the various closing conditions; and any assumptions underlying any of the foregoing. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those currently anticipated due to a number of risks and uncertainties. Risks and uncertainties that could cause the actual results to differ from expectations contemplated by forward looking statements include: uncertainties as to the completion of the tender offer and the completion and timing of the merger; uncertainties as to how many of the Company stockholders will tender their stock in the offer; the possibility that competing offers will be made; the possibility that various closing conditions for the transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction; the effects of disruption from the transaction making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities; other business effects, including the effects of industry, economic or political conditions outside of the Companys control; transaction costs; actual or contingent liabilities. In addition, the Companys actual performance and financial results may differ materially from those currently anticipated due to a number of risk and uncertainties, including, but not limited to, failure of the Companys existing or new restaurants to achieve expected results; damage to the Companys brands or reputation; inability to successfully expand the Companys operations; changes in general economic conditions and dependence on sales concentrated in certain geographic areas; intense competition in the restaurant industry; changes in government legislation that may increase labor costs; litigation; adverse public or medical opinions about the health effects of consuming the Companys products; failure to comply with governmental regulations; changes in food costs; the inability to
retain key personnel; federal and state tax rules could negatively impact results of operations and financial position; fluctuating insurance requirements and costs; seasonality of the Companys business; adverse impact if information technology and computer systems do not perform properly. More detailed information about the Company and the risk factors that may affect the realization of any forward-looking statements is set forth in the Companys filings with the SEC, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q, as well as the tender offer documents filed by Purchaser and certain of its affiliates and the solicitation/ recommendation statement filed by the Company. All of the materials related to the offer (and all other offer documents filed with the SEC) are available at no charge from the SEC through its website at www.sec.gov. Investors and security holders may also obtain free copies of the documents filed by the Company with the SEC by contacting the Company Investor Relations at 7676 E. Pinnacle Peak Road, Scottsdale, AZ 85255, telephone number (480) 888-3000 or investorrelations@pfcb.com. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as expressly required by law.
Notice to Investors
This document is neither an offer to purchase nor a solicitation of an offer to sell any securities. The solicitation and the offer to buy shares of the Company common stock has been made pursuant to a tender offer statement on Schedule TO, containing an Offer to Purchase and related tender offer documents, filed by Purchaser and certain of its affiliates with the SEC on May 15, 2012. The Company filed a Solicitation/ Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC on May 15, 2012. These documents contain important information that should be read carefully and considered before any decision is made with respect to the tender offer. The tender offer materials will be sent free of charge to all stockholders of the Company. In addition, all of these materials (and all other materials filed by the Company with the SEC) may be obtained at no charge by directing a request by mail to Georgeson Inc., at 199 Water Street, 26th Floor, New York, NY 10038-3560, or by calling toll-free at (866) 300-8594.
Additional Information about the Merger and Where to Find It
In connection with the proposed transaction, the Company has filed a proxy statement with the SEC. Additionally, the Company has and will file other relevant materials with the SEC in connection with the proposed acquisition of the Company pursuant to the terms of an Agreement and Plan of Merger, dated as of May 1, 2012, by and among the Company, Parent and Purchaser. The materials filed by the Company with the SEC may be obtained free of charge at the SECs web site at www.sec.gov. After the Companys
filing thereof, investors and stockholders will also be able to obtain free copies of the proxy statement from the Company by contacting the Company Investor Relations at 7676 E. Pinnacle Peak Road, Scottsdale, AZ 85255, telephone number (480) 888-3000 or investorrelations@pfcb.com. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT AND THE OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED MERGER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND THE PARTIES TO THE MERGER.
The Company and its respective directors, executive officers and other members of their management and employees, under the SEC rules, may be deemed to be participants in the solicitation of proxies of the Company stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of certain of the Companys executive officers and directors in the solicitation by reading the Companys proxy statement for its 2012 annual meeting of stockholders, the Annual Report on Form 10-K for the fiscal year ended January 1, 2012, and the proxy statement and other relevant materials which have been filed with the SEC in connection with the transaction. Information concerning the interests of the Companys potential participants, which may, in some cases, be different than those of the Companys stockholders generally, are set forth in the proxy statement relating to the transaction.
Contact Information
Investors:
Allison Schulder
(480) 888-3000
allison.schulder@pfcb.com
Media:
Matt Sherman / Averell Withers / Joe Berg
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449