Panera Bread Responds to Shareholder Activism

We counseled the board of directors in response to a significant stock accumulation and subsequent Schedule 13D filing by Shamrock Capital, a Los Angeles based hedge fund founded by Roy Disney, which expressed dissatisfaction with the company’s performance and corporate governance. We advised the board of directors on investor communications strategy and communications with Shamrock regarding the company’s business plans and also advised the company with respect to the addition of an independent director to address corporate governance issues and continued to facilitate communication to a successful resolution ending in Shamrock’s exit of Panera’s stock.

Panera Bread Company (NYSE: PNRA), together with its subsidiaries, owns, operates, and franchises retail bakery-cafes in the United States and Canada.

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