Bagel baron Einstein Noah sold for $364.5 million to JAB Holding

MarketsAssociated Press

The owner of Einstein Bros. Bagels and other, similar chains is being acquired by investment group JAB Holding for about $364.5 million.

The Einstein Noah Restaurant Group Inc. also owns Noah's New York Bagels and Manhattan Bagel, and runs a dough production facility. It has more than 855 restaurants in 42 states and the District of Columbia.

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Shares jumped 50 percent at the open of trading.

JAB Holding Co. will pay Einstein stockholders $20.25 per share, a 51 percent premium to its Friday closing price of $13.39. The companies put the deal's total equity value at approximately $374 million.

The buyout has been approved unanimously by Einstein's board.

Einstein will keep its headquarters in Lakewood, Colorado when the acquisition closes and will continue to run as a stand-alone business.

Caribou Coffee Co. CEO Michael Tattersfield will serve as chairman. JAB has a majority stake in Caribou Coffee.

Shares rose 6.76 to $20.15.