ST. LOUIS, Mo. – Panera Bread Company and JAB, parent company of Krispy Kreme, Keurig Green Mountain and Peet’s Coffee, announced last week that the companies have entered a definitive merger agreement under which JAB will acquire Panera for $315 per share in cash, in a transaction valued at approximately $7.5 billion.

Ron Shaich, founder, chairman and CEO of Panera, commented, “By any measure, Panera has been one of the most successful restaurant companies in history. What started as one 400 square foot cookie store in Boston has grown to a system with [more than] 2,000 units, approximately $5 billion in sales, and [more than] 100,000 associates. …Over the last five years, we have developed and executed a powerful strategic plan to be a better competitive alternative with emerging runways for growth. The themes we have bet on—digital, wellness, loyalty, omni-channel, new formats for growth—are shaping the restaurant industry.”

Shaich concluded, “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.”

JAB Partner and CEO Olivier Goudet added, “We strongly support Panera’s vision for the future, strategic initiatives, culture of innovation, and balanced company versus franchise store mix. We are excited to invest in and work together with the company’s management team and franchisees to continue to lead the industry.”