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Shares of Panera soared nearly 14 per cent higher in after-hours trading on Tuesday following a report that Luxembourg-based conglomerate JAB Holding is in advanced talks to acquire the fast-casual eatery chain and that a deal could be announced as early as this week.
The bakery and sandwich chain, which has a market cap of more than $6.5bn, saw its shares jump 8 per cent on Monday when it was first reported by Bloomberg to be considering “strategic options” including a possible sale.
On Tuesday, Bloomberg reported that JAB Holdings was in advanced talks to acquire the chain. JAB Holding owns brands including coffee chains Peets Coffee & Tea and Caribou Coffee as well as doughnut maker Krispy Kreme, luxury goods maker Jimmy Choo and Coty, which makes beauty products.