Krispy Kreme Owner Buys Panera for Lots of Dough
Talk about a carb overload! JAB Holding Company, a privately held business group located in Luxembourg, agreed to purchase Panera Bread Co. for around $7.16 billion German marks (close to $4 billion in US dollars). JAB is no stranger to acquiring restaurant companies with premium brands as Krispy Kreme, Einstein Bros. Bagels and Peet's Coffee & Tea are among the company’s many subsidiaries. Following the deal, Panera’s shares skyrocketed 14 percent to $312.94 per share in afternoon trading yesterday in New York. The deal is expected help Panera increase its breakfast business, which currently accounts for only 18 percent of its sales.
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