Make a list of the factors that you believe are important for the board of directors of Panera Bread to consider with respect to a decision regarding an offer from Silver Capital Partners. (10 points)

HistoricalBalanceSheet For Years Ending December 31 (in \$ millions) LIABILITIES \& EQUITY Current Liabilities Line of Credit Accounts Payable Other Payables Accrued Liabilities Notes Payable Other Current Liabilities Total Current Liabilities Long-Term Liabilities Long-Term Debt Capital Leases Notes Payable Other Liabilities Total Long-Term Liabilities Total Liabilities Stockholders' Equity Common Equity Additional Paid-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity TOTAL LIABILITIES \& EQUITY Tangible Assets Tangible Net Worth Total Debt Historical Income Statement For Years Ending December 31 (in \$ millions) Total Revenues Cost of Sales Gross Profit General \& Administrative Expense Other Expense Depreciation \& Amortization Total Operating Expenses Operating Income Other Income / (Expense) Other Income (Expense) Interest Income (Expense) Total Other Income / (Expense) Earnings Before Taxes Income Tax Expense Net Income / (Loss) 2013201420152016 \begin{tabular}{rrrr} 17.5 & 19.5 & 19. & 22.5 \\ - & - & - & - \\ 285. & 333.2 & 359.5 & 408.6 \\ - & - & 17.2 & 17.2 \\ - & - & 2.9 & - \\ \hline 303.3 & 352.7 & 399.4 & 448.3 \end{tabular} \begin{tabular}{rrrr} - & 100.0 & 389.0 & 410.6 \\ - & - & - & - \\ - & - & - & - \\ 177.6 & 202.0 & 154.7 & 154.3 \\ \hline 177.6 & 302.0 & 543.7 & 564.9 \\ \hline 481.0 & 654.7 & 943.2 & 1,013.2 \end{tabular} \begin{tabular}{rrrr} 0.0 & 0.0 & 0.0 & 0.0 \\ 196.9 & 214.4 & 235.4 & 257.6 \\ 1,049.6 & 1,227.8 & 1,373.5 & 1,520.0 \\ (546.6) & (706.1) & (1,111.6) & (1,488.8) \\ \hline 699.9 & 736.2 & 497.3 & 288.8 \\ \hline 1,180.9 & 1,390.9 & 1,440.5 & 1,302.0 \\ \hline \hline \end{tabular} Check \begin{tabular}{rrrr} 901.2 & 1,113.3 & 1,156.4 & 1,045.0 \\ 420.2 & 458.5 & 213.2 & 31.8 \\ - & 100.0 & 406.2 & 427.8 \end{tabular} Historical Income Statement \begin{tabular}{|c|c|c|c|c|} \hline For Years Ending December 31 (in \$ millions) & 2013 & 2014 & 2015 & 2016 \\ \hline Total Revenues & 2,385.0 & 2,529.2 & 2,681.6 & 2,795.4 \\ \hline Cost of Sales & 1,837.6 & 1,982.4 & 2,135.5 & 2,205.4 \\ \hline Gross Profit & 547.4 & 546.8 & 546.1 & 590.0 \\ \hline \begin{tabular}{l} General \& Administrative Expense \\ Other Expense \\ Depreciation \& Amortization \\ Total Operating Expenses \end{tabular} & \begin{tabular}{r} 123.3 \\ 7.8 \\ 106.5 \\ 237.7 \end{tabular} & \begin{tabular}{r} 138.1 \\ 8.7 \\ 124.8 \\ 271.6 \end{tabular} & \begin{tabular}{r} 142.9 \\ 26.2 \\ 135.4 \\ 304.5 \end{tabular} & \begin{tabular}{r} 179.9 \\ 16.0 \\ 154.4 \\ 350.2 \end{tabular} \\ \hline Operating Income & 309.8 & 275.2 & 241.6 & 239.8 \\ \hline \multicolumn{5}{|l|}{ Other Income / (Expense) } \\ \hline \begin{tabular}{l} Other Income (Expense) \\ Interest Income (Expense) \\ Total Other Income / (Expense) \end{tabular} & \begin{tabular}{c} 4.0 \\ (1.1) \\ 3.0 \end{tabular} & \begin{tabular}{c} 3.2 \\ (1.8) \\ 1.4 \end{tabular} & \begin{tabular}{l} (1.2) \\ (3.8) \\ (5.0) \end{tabular} & \begin{tabular}{r} (1.4) \\ (8.9) \\ (10.3) \end{tabular} \\ \hline Earnings Before Taxes & 312.7 & 276.6 & 236.6 & 229.5 \\ \hline Income Tax Expense & 116.6 & 98.0 & 87.2 & 84.3 \\ \hline Net Income / (Loss) & 196.2 & 178.6 & 149.3 & 145.2 \\ \hline \end{tabular}