Panera Shorted Itself In $7.5B Deal, Investors Tell Chancery

Law360, Wilmington (April 1, 2019, 8:16 PM EDT) -- A hotel industry expert testified Monday in a Delaware Chancery Court stock appraisal trial that Panera Bread Co.'s $7.5 billion sale in 2014 failed to fully credit the company's strength, with investors claiming the company sold itself short by 14.6 percent.

During the trial's opening in Wilmington, Sheryl E. Kimes, a professor of operations management at Cornell University's School of Hotel Administration, said that Panera accounted for the fastest-growing 11 percent of the entire $45 billion fast casual market in 2016, a group that includes Chipotle, Einstein Bros. Bagels and others.

But Panera's valuation reflected more of the trends and challenges...

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