Panera Bread To Be Acquired By JAB In $7.5 Billion Deal

Panera Bread Co. has reached a deal to be acquired by privately held JAB for $7.5 billion, the companies said Wednesday. JAB will buy the restaurant chain for $315 a share in cash, which represents a premium of 30% to the 30-day volume-weighted average stock price as of March 31. The transaction, which is expected to close during the third quarter of 2017, will include the assumption of $340 million of net debt. Shares of Panera jumped 12% to $308 a share in heavy premarket trade.