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Panera Bread Co. (PNRA) is exploring strategic options including a possible sale after receiving takeover interest, people with knowledge of the matter said.
Update(s):
April 05, 2017: JAB Holding Co. is in advanced talks to acquire bakery chain Panera Bread Co., (PNRA) adding to a burgeoning food empire that already spans coffee, bagels, and doughnuts, according to people with knowledge of the matter.
April 05, 2017: Panera Bread Company (PNRA) and JAB today announced that the companies have entered into a definitive merger agreement under which JAB will acquire Panera for $315 per share in cash, in a transaction valued at approximately $7.5 billion, including the assumption of approximately $340 million of net debt. The agreement, which has been unanimously approved by Panera’s Board of Directors, represents a premium of approximately 30% to the 30-day volume-weighted average stock price as of March 31, 2017, the last trading day prior to news reports speculating about a potential transaction, and a premium of approximately 20% to Panera’s all-time high closing stock price as of that same date.