Apr 3, 2017

Report: Panera Bread explores a sale

Dan Primack, author of Pro Rata

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.

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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%).

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Obama on George Floyd's death: "This shouldn't be 'normal'"

Photo: Getty Images/Getty Images for EIF & XQ

Former President Obama said in a statement Friday that the death of George Floyd, an unarmed black man who was killed by a white Minneapolis police officer, "shouldn't be 'normal' in 2020 America."

What he's saying: "[W]e have to remember that for millions of Americans being treated differently on account of race is tragically, painfully, maddeningly 'normal' — whether it’s while dealing with the health care system, or interacting with the criminal justice system, or jogging down the street, or watching birds in a park."

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11:30 a.m. ET: 5,850,258 — Total deaths: 361,249 — Total recoveries — 2,444,898Map.
  2. U.S.: Total confirmed cases as of 11:30 a.m. ET: 1,724,873 — Total deaths: 101,698 — Total recoveries: 399,991 — Total tested: 15,646,041Map.
  3. Public health: Hydroxychloroquine prescription fills exploded in March —How the U.S. might distribute a vaccine.
  4. Business: Many poor and minority families can't afford food or rent.
  5. 2020: Trump courts Asian American vote amid coronavirus.
  6. ⚽️ Sports: European soccer's push to return.

Trump's big, empty beef with Twitter

Illustration: Aïda Amer/Axios

President Trump finally acted on his now year-old threat to take action against social media platforms for alleged bias against conservatives. But so far, according to experts in both government and the industry, the threat looks mostly empty.

Driving the news: Trump escalated his war on Twitter Friday morning, tweeting repeatedly that the company needs to be regulated after it overnight added a warning label to a tweet of his calling for the military to start shooting looters, which violated Twitter’s rules against glorifying violence.