Report: Panera Bread explores a sale
Panera Bread is exploring a sale after receiving takeover interest, according to Bloomberg. The St. Louis-based bakery chain's stock surged more than 7% on the news, before being halted at $286.48 per share. At that price, Panera has a market cap of nearly $6.6 billion, an all-time high.
Why it matters: If Panera were sold for at least its current market cap, that would make it 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).