The shares of Panera have increased in value from $3.00 per share to $55.00 per share without a single cash dividend being paid to shareholders. Nobody has seemed to mind before, so why all the jawing and heavy breathing about it now. You birds should find another next to occupy and permit us to focus on other than phantom issues. B O R I N G !
The entire rise in Panera's price per share is due only to the expectation that shareholders will some day be able to extract cash from the company or its successor in any merger. Boring and obvious, but true.