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.
Check out the 25 organizations with 1,000 or more employees that made the Globe’s list of top workplaces.Continue reading »
The bill, set for a vote on Thursday, would tax the value of tuition benefits conferred on thousands of university employees like Fred Vautour.Continue reading »
The education travel giant encourages employees to explore new territory, both geographical and professional.Continue reading »
For companies that are willing to be flexible, embracing accommodations means both challenges and rewards.Continue reading »
Rusckowski is chief executive of Quest Diagnostics, the world’s biggest provider of diagnostic testing services.Continue reading »
Nearly 17,000 people were in emergency shelters over the past year, more than in any of the 24 other cities surveyed.Continue reading »
The US heartland has had the strongest income growth since the 1980s. Yes, you read that right.Continue reading »
Among other measures, she has moved her office to keep a watchful eye on portfolio managers, research analysts, and traders.Continue reading »
These Boston startup founders say there are tuition discounts at many colleges — you just have to know how to find them.Continue reading »