April 5, 2017 / 10:22 AM / 10 months ago

BRIEF-Panera Bread and JAB announce definitive merger agreement

April 5 (Reuters) - Panera Bread Co

* Panera Bread and JAB announce definitive merger agreement

* Panera Bread Co says in fiscal Q1 2017, company-owned comparable net bakery-cafe sales increased 5.3 percent compared to the same period in fiscal 2016

* Panera Bread says shareholders to receive $315 per share in cash in $7.5 billion transaction

* The transaction is not subject to a financing condition and is expected to close during the third quarter of 2017

* Panera Bread Co says JAB is acquiring Panera through JAB BV, an investment vehicle of JAB Consumer Fund and JAB Holding Company

* Panera Bread Co - Company-owned comparable net bakery-cafe sales in fiscal Q1‘17 outperformed the black box all-industry composite by 690 basis points

* Panera Bread Co says following the close of the transaction, Panera will be privately held and continue to be operated independently

* Panera Bread Co - transaction valued at approximately $7.5 billion, including the assumption of approximately $340 million of net debt

* Panera Bread Co - CEO Ron Shaich has entered into a voting agreement

* Panera Bread Co-Voting agreement whereby CEO, entities affiliated with him have agreed to vote shares representing about 15.5 percent of co’s voting power in deal’s favor Source text for Eikon: Further company coverage:

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