Panera Bread Company And JAB Complete Acquisition

Panera Bread Company And JAB Complete Acquisition

ST. LOUIS, MO/July 18, 2017 (STL.News) The marriage between Panera Bread Company and JAB is official.

On Tuesday, St. Louis-area based Panera Bread Company announced the successful completion of the acquisition of Panera by an investment vehicle of JAB Consumer Fund and JAB Holding Company.  Under the terms of the transaction, Company shareholders will receive $315 per share in cash for each share they own.  As a result of the completion of the acquisition, Panera’s common stock will cease trading as of Tuesday on the NASDAQ Global Select Market.

Back in April, Panera Bread Company announced it was entering into an agreement to be acquired by JAB for a price tag of $7.5 billion.  As part of the acquisition, this includes the assumption of approximately $340 million of net debt.

“By any measure, Panera has been one of the most successful restaurant companies in history. What started as one 400 square foot cookie store in Boston has grown to a system with over 2,000 units, approximately $5 billion in sales, and over 100,000 associates.  In more than 25 years as a publicly traded company, Panera has created significant shareholder value.  Indeed, Panera has been the best performing restaurant stock of the past twenty years – up over 8,000%.  This transaction is a direct reflection of those efforts, and delivers substantial additional value for our shareholders.” Ron Shaich, Founder, Chairman and CEO of Panera said.

Olivier Goudet, JAB Partner and CEO, had this to say about the merger:
“We have long admired Ron and the incredible success story he has created at Panera.  I have great respect for the strong business that he, together with his management team, its franchisees and its associates, has built.  We strongly support Panera’s vision for the future, strategic initiatives, culture of innovation, and balanced company versus franchise store mix.  We are excited to invest in and work together with the Company’s management team and franchisees to continue to lead the industry.”

There has been no word from company executives about a reduction in staff as a result of this merger.

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By Jill Enders – STL.News publisher St. Louis Media, LLC