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( Forbes ) The $7.5 billion acquisition of Panera Bread by an investment vehicle affiliated with JAB Holding is worth nearly $400 million to founder Ron Shaich.

Shaich owns more than 1.2 million shares of Panera (both A shares and B shares that are convertible to A shares), according to the latest 13-G filing with the Securities and Exchange Commission in December 2016. At the acquisition price of $315 per share, that’s a cool $393 million (before taxes) for Shaich.

….Shaich co-founded Au Bon Pain in 1981, which purchased Saint Louis Bread Co., the predecessor company to Panera, in 1993. Six years later, Panera sold off Au Bon Pain. Since then, the fast-casual soup and sandwich chain with more than $5 billion in systemwide sales, has been one of the few outperforming restaurant chains in an increasingly difficult sector. The deal price represents a 30% premium to Panera’s volume-weighted share price as of March 31, the last trading day before speculation broke about the deal.

Shaich, 63, has said that he wasn’t looking to sell the company, but changed his mind after being approached by JAB. He will remain on as CEO. “I’m here and and I’m doing this,” he told ABC earlier on Wednesday. “They’ll have to carry me out with my boots on.”

JAB Holding, a Luxembourg-based private equity shop, had previously purchased Krispy Kreme and Peet’s Coffee & Tea, as it has pushed heavily into the U.S. food business. JAB is 95% owned by several members of the German billionaire Reimann family, descendants of the German chemist Ludwig Reimann who inherited the Johan A. Benckiser company. The Panera acquisition is being done through JAB BV, an investment vehicle of both JAB Holding and JAB Consumer Fund.





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