Shares of Panera Bread Co. (NASDAQ: PNRA) reached a new all-time high of $292.42 as a report released that the company is exploring a possible sale and was receiving takeover interest. Share value rose over 7 percent before the stock halted due to heavy volatility.
The company has taken steps to developing its brand to a healthier alternative as it removed artificial additives and preservatives in its foods and has posted sugar and caloric information on its soft drinks. Panera bread may be on its way to be one of several major restaurant chain to be purchased in 2017.
Darden Restaurants, Inc. (NYSE: DRI) plans to purchase Cheddar’s Scratch Kitchen for $780 million. Oak Hill Capital Partners plans to acquire Checkers Drive-In for $525 million. Restaurant Brands International, Inc. (NYSE: QSR) has purchased Popeyes Louisiana Kitchen last week for $1.8 billion.