Panera Bread Co. stockholders on Tuesday officially approved the restaurant chain’s sale to JAB Holding Co., an investment firm based in Luxembourg, according to financial filings made by the company.
Shareholders of the Sunset Hills-based chain of bakery-cafes are to receive $315 per share, putting the deal’s total value at $7.5 billion. The transaction is expected to close this month, according to another filing.
The acquisition was first announced in April but required shareholder approval.
JAB Holdings, the investment vehicle for Germany’s Reimann family, has controlling stakes in Peet’s Coffee & Tea and Krispy Kreme Doughnuts and has snapped up other U.S.-based food businesses in recent years.