=Panera Bread (PNRA) to be acquired by JAB Holding for $315/share or $7.5 bln

• JAB, which is the owner of the Caribou Coffee and Peet's Coffee & Tea brands, is expected to close the deal in the third quarter of this year. 
• Panera reported $2.8 billion in revenue for fiscal 2016 and operates over 2,000 restaurants.

LONDON — A billionaire European family agreed on Wednesday to add the Panera restaurant chain to its growing empire of American coffee and food favorites for $7.5 billion, including debt.

JAB Holding Company, the investment arm of the Reimanns of Germany, who are heirs to the consumer goods company Joh. A. Benckiser, said the transaction would be carried out through an investment vehicle known as JAB BV.


The deal follows a string of acquisitions by JAB in recent years, including the parent company of Einstein Brothers Bagels, Peet’s Coffee & Tea, Stumptown Coffee Roasters and Caribou Coffee.

Panera Bread Founder Ron Shaich

Panera Bread agrees to be acquired by JAB Holding Company for $315/share in cash, or approximately $7.5 bln :

The co and JAB 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.

• Prelim results: In fiscal Q1 2017, Company-owned comparable net bakery-cafe sales increased 5.3% compared to the same period in fiscal 2016. Two-year Company-owned comparable net bakery-cafe sales increased 11.5%. Additionally, Company-owned comparable net bakery-cafe sales in fiscal Q1 2017 outperformed the Black Box all-industry composite by 690 basis points.
• The transaction is not subject to a financing condition and is expected to close during the third quarter of 2017, subject to the approval of Panera shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.