AP Photo/Charles Krupa, File
ST. LOUIS — Panera is being acquired by Europe’s JAB Holding Co. for more than $7 billion.
JAB is better known for the growing stable of brands it owns or has a big stake in, including Peet’s Coffee & Tea, Caribou Coffee Co., Stumptown Coffee, and Keurig Green Mountain and Krispy Kreme Doughnuts.
For days there have been rumors of a deal for Panera, with one of the companies reportedly interested being Starbucks Corp.
On Wednesday, the St. Louis sandwich and soup chain revealed that it was actually JAB, an investment fund based in Luxemburg that has quietly become a Starbucks rival.
‘‘Our success for shareholders is the byproduct of our commitment to long-term decision making and operating in the interest of all stakeholders, including guests, associates, and franchisees,’’ said Panera founder and CEO Ron Shaich. ‘‘We believe this transaction with JAB offers the best way to continue to operate with this approach. We are pleased to join with JAB, a private investor with an equally long-term perspective, as well as a deep commitment to our strategic plan.’’
Shaich opened a Boston cookie store in the early 1980s and expanded to more than 2,000 bakery-cafes with annual revenue of $5 billion in sales.
JAB will pay $315 per Panera Bread Co. share. That’s a 14.5 percent premium to the company’s Tuesday closing price of $274.
The transaction, which includes approximately $340 million of debt, is expected to close in the third quarter. It still needs the approval of Panera shareholders. Once the deal is complete, Panera will become privately held company.
Shares of Panera jumped more than 12 percent before the opening bell Wednesday.
Nearly 5,000 teaching and research assistants join the United Auto Workers, a union with blue-collar roots that has become a bastion of academic organizingContinue reading »
Aging Americans are getting so many new hips, knees, shoulders, and ankles that orthopedic surgeons are having trouble handling demand.Continue reading »
The number of delayed flights into and out of Logan airport increased substantially in the past week after one of the main runways was shut.Continue reading »
It’s an age-old way to push for change, but good intentions alone aren’t enough to get results.Continue reading »
For hundreds of thousands of people in Massachusetts, many of whom are hungry and isolated, Meals on Wheels is a daily human connection to the outside world.Continue reading »
The state’s housing market chugged through the end of 2017 in much the same fashion it did all year: with prices rising and inventory tight.Continue reading »
Low inflation could be a sign of a weak recovery, something policy makers could consider as they mull a possible rate hike.Continue reading »
New research suggests prejudices may form at a much earlier age, but it also offers hope that biases can be unlearned.Continue reading »
Somerville’s Voxel8 says its 3-D printing method allows for more customization and less waste and it is hoping shoe manufacturers take notice.Continue reading »