An investigation on behalf of investors of Panera Bread Co (NASDAQ:PNRA) in connection with the proposed takeover was announced and NASDAQ:PNRA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/10/2017 -- The takeover of Panera Bread Co is under investigation over possible wrongdoing. The investigation was announced on behalf of investors, who currently hold NASDAQ:PNRA shares, concerning whether the takeover of Panera Bread Co. by JAB for $315.00 per share is unfair.
Investors who purchased shares of Panera Bread Co (NASDAQ:PNRA) and currently hold any of those NASDAQ:PNRA shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain directors of Panera Bread Co breached their fiduciary duties owed to NASDAQ:PNRA investors in connection with the proposed acquisition.
On April 5, 2017 Panera Bread Co (NASDAQ:PNRA) and JAB announced that the companies have entered into a merger agreement under which JAB will acquire Panera Bread Co for $315 per share in cash, in a transaction valued at approximately $7.5 billion, including the assumption of approximately $340 million of net debt.
However, given that the Chairman of the Board, Chief Executive Officer Mr. Shaich has already entered into a voting agreement whereby he and entities affiliated with him have agreed to vote shares representing approximately 15.5% of the Company's voting power in favor of the transaction, the investigation concerns whether the offer is unfair to NASDAQ:PNRA stockholders. More specifically, the investigation concerns whether the Panera Bread Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Shares of Panera Bread Co (NASDAQ:PNRA) closed on April 7, 2017 at $312.00 per share.
Those who are current investors in Panera Bread Co shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com