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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.

Expand chart
Data: Money.net; Chart: Andrew Witherspoon / Axios

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).

Financials: Revenue last year climbed by 4.2% to nearly $4.8 billion, while net income fell by 2.5% to $146 million.

Shareholders: Panera's largest shareholders are: Capital Research & Management Co (9.43% of outstanding shares), Wellington Management (7.38%), Vanguard (7.29%), BlackRock (7.12%) and founder and CEO Ron Shaich (5.4%).

Go deeper

Updated 7 hours ago - Politics & Policy

Senate action on stimulus bill continues as Dems reach deal on jobless aid

Photo: Alex Wong/Getty Images

Democratic leaders struck an agreement with Sen. Joe Manchin (D-W.V.) on emergency unemployment insurance late Friday, clearing the way for Senate action on President Biden's $1.9 trillion stimulus package to resume after an hours-long delay.

The state of play: The Senate continued to work through votes on a series of amendments overnight into early Saturday morning.

Capitol review panel recommends more police, mobile fencing

Photo: Olivier Douliery/AFP via Getty Images

A panel appointed by Congress to review security measures at the Capitol is recommending several changes, including mobile fencing and a bigger Capitol police force, to safeguard the area after a riotous mob breached the building on Jan. 6.

Why it matters: Law enforcement officials have warned there could be new plots to attack the area and target lawmakers, including during a speech President Biden is expected to give to a joint session of Congress.

Financial fallout from the Texas deep freeze

Illustration: Annelise Capossela/Axios

Texas has thawed out after an Arctic freeze last month threw the state into a power crisis. But the financial turmoil from power grid shock is just starting to take shape.

Why it matters: In total, electricity companies are billions of dollars short on the post-storm payments they now owe to the state's grid operator. There's no clear path for how they will pay — something being watched closely across the country as extreme weather events become more common.