(CBS Local) — The group that owns Krispy Kreme, JAB Holding Co., has agreed a deal to purchase Panera Bread for $7 billion, via Sun Sentinel.
JAB Holding Co. also owns, or has a big stake in, Peet’s Coffee & Tea, Caribou Coffee Co., Stumptown Coffee and Keurig Green Mountain. The company is based out of Luxembourg in Europe.
The deal represents that Panera was sold for $315 per share, a handsome increase from the $274 it closed at on Tuesday. Since the announcement of the deal, those shares have increased 12%.
“Our success for shareholders is the byproduct of our commitment to long-term decision making and operating in the interest of all stakeholders, including guests, associates, and franchisees,” said Ron Shaich, Panera founder and CEO. “We believe this transaction with JAB offers the best way to continue to operate with this approach. We are pleased to join with JAB, a private investor with an equally long-term perspective, as well as a deep commitment to our strategic plan.”
It seemed like Starbucks Corp. was close to purchasing Panera but it was JAB that closed the deal. The deal with go official in the third quarter, once the shareholders vote to confirm the deal.