Panera Agrees to $7.5 Billion Buyout, Sets Up Intriguing Potential Synergies With Other JAB Holdings
Following two days of speculation, Panera has entered into a definitive agreement to be purchased by JAB Holdings for $7.5 billion, or $315 per share. In our April 3 note, we see a number of reasons why JAB would be interested in Panera, including industry-leading loyalty program engagement (51% of transactions) and digital sales penetration rates (24% of sales), expanding delivery capabilities, a growing at-home business, and menu innovations playing into consumers' evolving views on health and...
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