Panera Bread (PNRA) volatility elevated into acquired by JAB for $315 per share

Panera Bread (NASDAQ: PNRA) April call option implied volatility is at 33, May is at 38; compared to its 52-week range of 16 to 36 into announcing a definitive merger agreement under which JAB will acquire Panera for $315 per share in cash, in a transaction valued at approximately $7.5B, including the assumption of approximately $340M of net debt.

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