Video Produced by Denise Toledo
After last week’s announcement that investment company JAB Holdings would buy Panera Bread for $7.5 billion, rumors have been going around that Warren Buffett backed 3G Capital might be interested in placing a rival bid. First reported to the New York Post by "sources close to the deal," the news has still not been confirmed by 3G nor Panera.
Since Bloomberg first reported the rumors that JAB Holdings might be buying the fast-casual giant, Panera’s stocks have spiked. Now that the bid from JAB has been formally announced, the deal is the second-largest restaurant deal ever made in North America according to the Associated Press. It is second only to the buyout of Tim Horton's by the parent company of Burger King in 2014.
In the Form 8-K filed with the United States Securities and Exchange Commission, should Panera decide to take a higher bid from another part, JAB Holdings will receive a $215 million termination fee.
This latest purchase for JAB adds to their already strong portfolio including Krispy Kreme and Green Mountain Coffee.
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