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IN RE APPRAISAL OF PANERA BREAD COMPANY

C.A. No. 2017-0593-MTZ.

IN RE APPRAISAL OF PANERA BREAD COMPANY.

Court of Chancery of Delaware.

Decided: January 31, 2020.

Attorney(s) appearing for the Case

Samuel T. Hirzel, II , Elizabeth A. DeFelice , and Melissa N. Donimirski , HEYMAN ENERIO GATTUSO & HIRZEL LLP, Wilmington, Delaware; Steven M. Hecht , Michael T.G. Long , Jarett N. Sena , Natalie F. Dallavalle , Frank T.M. Catalina , Edoardo Murillo , and Jonathan M. Kass , LOWENSTEIN SANDLER LLP, New York, New York; Attorneys for Petitioners.

Paul J. Lockwood , Jennifer C. Voss , Jenness E. Parker , Alyssa S. O'Connell , Kaitlin E. Maloney , Daniel S. Atlas , Bonnie W. David , and Andrew D. Kinsey , SKADDEN ARPS SLATE MEAGHER & FLOM LLP, Wilmington, Delaware; Attorneys for Respondent.

MEMORANDUM OPINION

In this appraisal action, I must determine the fair value of each share of the subject company on the closing date of its acquisition. I find that the process by which the company was sold bore several objective indicia of reliability, which were not undermined by flaws in that process. I therefore...

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