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.

You Also May Be Interested In:

  • Represented TVV Capital portfolio company Big 3 Precision Products, Inc., a maker of turnkey packaging solutions, in its sale to The Eastern Company (Nasdaq: EML), a publicly traded diversified manufacturer, for $81.7 million

    We represented TVV Capital portfolio company Big 3 Precision Products, Inc., a maker of turnkey packaging solutions, in its sale...
    Client Type: Private Company
  • Representation of Mid-America Apartments, L.P., the operating partnership of Mid-America Apartment Communities, Inc., in a public offering of $300,000,000 of 2.750% senior notes due 2030.

    We represented Mid-America Apartments, L.P., the operating partnership of Mid-America Apartment Communities, Inc., in a public offering of $300,000,000 of...
    Client Type: Public Company
  • Representation of Tennessee Community Bank Holdings, Inc., the parent company for Community Bank & Trust located in Ashland City, Tennessee, in its definitive agreement to sell to Reliant Bancorp, Inc. (Nasdaq: RBNC) for $37 million in an approximately 50% stock and 50% cash transaction.

    We represented Tennessee Community Bank Holdings, Inc., the parent company for Community Bank & Trust located in Ashland City, Tennessee,...
    Client Type: Private Company