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Three firms whip up Panera’s deal with Shake Shack founder’s SPAC

2 minute read

Danny Meyer, restaurateur and the CEO of the Union Square Hospitality Group speaks during an interview on CNBC on the floor of the New York Stock Exchange October 16, 2015. REUTERS/Brendan McDermid

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  • Panera to go public ahead of SPAC merger
  • Skadden advises Panera
  • Latham leads SPAC

Skadden, Arps, Slate, Meagher & Flom and Latham & Watkins are advising Panera Brands Inc on its plan to go public and merge with Shake Shack founder Danny Meyer's special purpose acquisition company.

Panera Brands, which owns the Panera Bread bakery and cafe chain, said on Tuesday that it had agreed to merge with blank check company USHG Acquisition Corp.

Skadden attorneys are advising Panera on the transaction. The firm said in an email that its team includes mergers and acquisitions partners Sean Doyle and Paul Schnell, as well as capital markets partners Gregg Noel and Michael Hong.

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The company also has recruited McDermott, Will & Emery for tax advice, with a team led by tax partners Timothy Shuman and John Robert.

Meanwhile, Meyer’s SPAC has teamed up with Latham attorneys led by corporate partners Ryan Maierson, Gregory Rodgers and Howard Sobel, according to a press release.

Panera’s financial advisor on the deal is JPMorgan Chase & Co, and the SPAC’s is Piper Sandler & Co.

SPACs, or blank check companies, generally raise funds through an initial public offering to merge with privately held companies and take them public.

In the Panera transaction, Panera will go public first and then merge with the SPAC.

(UPDATE: This story has been updated with the names of the McDermott attorneys advising Panera.)

Read more:

Panera Bread to go public again in IPO backed by Shake Shack founder's SPAC

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Sierra Jackson reports on legal matters in major mergers and acquisitions, including deal work, litigation and regulatory changes. Reach her at sierra.jackson@thomsonreuters.com

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