Panera Bread Co (NASDAQ:PNRA) shares were soaring during regular trading hours Monday on rumors of a potential sale.
The company unveiled on a report that it was considering selling itself to the highest bidder. There are several parties that expressed interest in buying the company, but it is unclear which companies are doing this.
Panera is working with advisors to help the company determine the best option moving forward. However, the company itself has not confirmed nor denied this due to its policy of not feeding rumors.
It’s been a time of revolution for Panera as the company has been changing its menu to ensure it is in the healthy track. Such a move is important for restaurants nowadays due to the fact that Millennials seek higher standards from the food they consume.
The restaurant is especially attractive to a diverse group of people due to the fact that it offers a relaxed atmosphere that’s also kid-friendly, while allowing customers to use its Wi-Fi for work.
Reports suggest that Panera has a market value in the range of $6 billion, but the suitor that buys the company may have to shell out a minor premium at $7 billion.
The company has more than 2,000 bakeries around the country so far.
PNRA shares grew 8.2% Monday.