P.F. Chang's to go private in $1.1 billion deal P.F. Chang's China Bistro Inc., the biggest Asian full-service restaurant operator in the U.S. by market share, agreed to be taken private by Centerbridge Partners in a deal valuing the company at $1.1 billion. The takeover would give New York-based Centerbridge, which has about $20 billion in capital under management, a chain with almost 400 restaurants under the P.F. Chang's China Bistro and Pei Wei brands. Centerbridge offered $51.50 a share in cash, about 30 percent higher than the average share price over the past 30 days, the companies said.
Construction spending nearly flat in March Construction spending in the United States grew less than forecast in March as state and local government agencies continued to pull back. The 0.1 percent increase followed a 1.4 percent decline in February that was larger than previously estimated, the Commerce Department reported. The median estimate of 47 economists surveyed by Bloomberg News called for a 0.5 percent increase. Construction spending increased 6.7 percent in the 12 months ended in March, before adjusting for seasonal variations.
Wal-Mart told to pay $4.8M in overtime case The U.S. Labor Department ordered Wal-Mart Stores Inc. to pay $4.8 million in back wages and damages to thousands of employees who were denied overtime charges, the latest in a string of embarrassments for the company over its business practices. The department said its decision affects roughly 4,500 vision-center managers and asset-protection coordinators who worked at Wal-Mart between 2004 and 2007. Wal-Mart had considered those employees exempt from federal regulations requiring overtime pay but reclassified them in 2007. The government and the retailer have been negotiating the amount owed since then.
Imperial Sugar to be acquired by Louis Dreyfus Louis Dreyfus Holding BV, the commodity trader controlled by the Louis-Dreyfus family, agreed to acquire Imperial Sugar Co. to expand into refining and distribution of the sweetener. The trader's Louis Dreyfus Commodities unit will pay $6.35 a share for Sugar Land, Texas-based Imperial Sugar, 57 percent more than its closing share price Monday, the companies said. Louis Dreyfus -- along with Archer Daniels Midland Co., Bunge Ltd. and Cargill Inc. -- is one of the world's largest agricultural trading and processing companies.
Parent of Payless, Stride Rite to be split up Collective Brands Inc., which owns footwear brands such as Sperry Top-Sider and Keds and the shoe retailer Payless ShoeSource, will be split in two by multiple buyers in a purchase valued at $2 billion, including debt. Wolverine Worldwide, Blum Capital and Golden Gate Capital formed an acquisition company to buy Collective for $21.75 a share. The deal is expected to close late in the third quarter or early in the fourth. Wolverine will end up with the Sperry, Keds, Saucony and Stride Rite brands. Blum and Golden Gate will land Payless.
Wells Fargo part of ETF regulatory settlement Citigroup Inc., Morgan Stanley, UBS AG and Wells Fargo & Co. agreed to pay a combined $9.1 million to settle regulatory claims they failed to adequately supervise the sale of leveraged and inverse exchange-traded funds (ETFs) in 2008 and 2009. The firms also didn't have a reasonable basis for recommending the securities to their clients, the Financial Industry Regulatory Authority said. They will pay fines of about $7.3 million and reimburse $1.8 million to customers.
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