Sara Lee Corporation

JAB Holdings to buy bagel seller Einstein Bros.' parent for $374 million

Bagel purveyor Einstein Noah Restaurant Group Inc. is being sold to JAB Holding Co., majority owner of coffee companies Peet's Coffee & Tea and Caribou Coffee, for $374 million.

JAB is offering $20.25 per Einstein Noah share, a 47% premium over the stock's 30-day trading average.

News of the deal sent Einstein Noah's stock soaring $6.76, or 50.5%, to $20.15 on Monday.

The deal has been approved by Einstein Noah's board of directors and has the support of its largest shareholder, David Einhorn's Greenlight Capital.

"For more than a decade, we have worked closely with the Einstein Noah Restaurant Group to execute a turnaround plan, reducing debt and...