(CN) - P.F. Chang's China Bistro is selling itself too cheaply for $51.50 per share, shareholders claim in Delaware Chancery Court.
     Arizona-based P.F. Chang's operates a chain of Asian restaurants and sells branded food products.
     On May 1, P.F. Chang's announced the near $1 billion merger with Centerbridge Partners, expected to close during the third quarter of 2012.
     Shareholders claim P.F. Chang's future growth is "promising" and that the buyout comes at a time when the company is beginning to ramp up its business strategies by bringing in new menus, offering promotions, and buying an ownership stake in health food company True Food Kitchen.
     The acquisition price represents an approximate 23 per cent premium over the closing price of P.F. Chang's market price at the time of the announcement, but the company recently reported positive revenue growth in the first quarter of 2012 compared to the same quarter in 2011, according to the complaint.
     Shareholders say they are not receiving adequate consideration in the transaction and that the deal, loaded with deal protection devices in favour of Centerbridge, undervalues the company.
     Shareholders are represented by Carmella P. Keener of Rosenthal Monhait & Goddess, P.A. in Wilmington, Del.
     Of counsel: Mark C. Gardy, James S. Notis, and Meagan A. Farmer of Gardy & Notis, LLP in New York.