Low Panera Deal Appraisal Would Stretch Law, Chancery Told
Law360, Wilmington (October 7, 2019, 9:57 PM EDT) -- Attorneys for 16 Panera Bread Co. investors who challenged a $7.5 billion company sale told a Delaware vice chancellor Monday that chopping $21.56 per share from their payouts would be a radical stretch of recent appraisal lawsuit decisions.
Arguing after a six-day trial in April, the stockholders' counsel Steven M. Hecht of Lowenstein Sandler LLP said the latest Chancery and Delaware Supreme Court decisions don't support Panera's argument that the investors should get 6.8% less than the $315 per share price that private company JAB Holding Co. paid for the restaurant giant in July 2017.
At stake is potentially more than...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!