The investment firm that owns Krispy Kreme, Caribou Coffee and other enterprises, is purchasing the Panera Bread Co. for $315 per share in cash — a premium of roughly 30 percent over its recent average trading price.
The deal with JAB Holding Co. is valued at around $7.5 billion, Panera said Wednesday.
If the transaction is finalized in the third quarter of 2017 as planned, Panera would be privately held.
News of the merger brought a spike in Panera's stock price. After closing at $274 a share yesterday, the stock soared to well over $300 in pre-market trading this morning.
Panera says its board of directors has unanimously approved the definitive merger agreement with JAB.