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Panera Share Value Fair in $7.5 Billion Sale: Delaware Judge (2)

Jan. 31, 2020, 7:47 PMUpdated: Jan. 31, 2020, 9:13 PM

Former Panera Bread Co. investors lost their bid to challenge the share price used in the chain’s 2017 sale to JAB Holding Co., after a Delaware judge Friday ruled the deal price was “persuasive evidence of fair value.”

The stockholders asked for an appraisal because they thought the shares, which went for $315 as part of the merger, were actually worth $361. But Panera’s sale process had “several objective indicia of reliability” not outweighed by any weaknesses, so the ultimate deal price is the best evidence of what the shares were worth, Vice Chancellor Morgan T. Zurn of the Delaware...

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