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Actionable news in PNRA: Panera Bread Company,

Panera's Bread Is Fully Baked

The numbers are in for a Panera Bread Co. deal and, as expected, it's not cheap.

The bakery-cafe chain announced on Wednesday that it's selling itself to JAB Holding Co. for about $7.5 billion including debt, or $315 a share. The purchase price works out to about 19 times the restaurant company's Ebitda in the past year and almost 3 times its revenue. Such multiples are enough to put it in the upper echelon of North American restaurant deals of the last decade.

JAB is no stranger to big, pricey deals. Its last purchase, the $1.4 billion takeover of Krispy Kreme Doughnuts Inc. in 2016, involved similar valuations to those commanded by Panera. Meanwhile, JAB paid more than 20 times Ebitda for Peet's Coffee & Tea...