Shamrock's stake in Panera Bread dips below 5%

By Lisa Kerner

Charlotte, N.C., May 5 - Shamrock Activist Value Fund, LP sold 675,000 shares of Panera Bread Co. class A common stock for a total of $29.64 million between March 4 and April 2.

With the sale, Shamrock reduced its ownership of Panera Bread to 4.98%, from the 6.63% reported in January.

The investors beneficially own 1,434,600 shares of the company, according to a schedule 13D filed with the Securities and Exchange Commission.

In January, Shamrock had sought to have representation on Panera Bread's board of directors.

Shamrock had urged Panera Bread to declassify its staggered board, expand the board to include new members with relevant experience and separate the chairman and chief executive officer roles, a prior SEC filing stated.

Panera Bread, based in Richmond Heights, Mo., franchises bakery-cafes.

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