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...

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