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JAB Holdings, owner of Caribou Coffee and Peet's Coffee & Tea, announced Wednesday morning that it would acquire Panera Bread for $315 per share, per Fox Business. The deal comes after reports surfaced that the St. Louis-based bakery chain was exploring a sale after recent takeover interest.

The purchase could help JAB to expand its breakfast business in the fast-food industry. Since 2015, JAB has also acquired Krispy Kreme Doughnuts for roughly $1.35 billion and coffee Keurig-maker Green Mountain for $13.9 million. JAB also controls cosmetics company Coty and luxury retailer Jimmy Choo.

Why it matters: As Axios' Dan Primack previously noted, the sale marks the largest M&A transaction ever for a U.S.-based restaurant company, according to S&P Global Market Intelligence (and the second-largest for North America, behind the 2014 purchase of Tim Horton's).

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