Subway co-founder's big donation hints at coming takeover deal

confirms M&A speculation, but that's kind of what happened yesterday with sandwich chain Subway.The Peter and Carmen Lucia Buck Foundation, formed in 1999 by the late Subway co-founder Peter Buck and his wife,that Buck's will included instructions to give his 50% stake in the company to the foundation.

Buck died in 2021 at the age of 90, while his wife died in 2003. Both of Buck's adult sons work at the foundation.This likely means that Subway is nearing the finish line on a sale process that the WSJIt also lets the Buck estate dodge a massive tax bill were Subway to be sold. WSJ put the price tag at around $10 billion, with the Bucks in line for half of that.

Were the estate to hold the shares and then donate the post-sale proceeds, it would pay taxes on that estimated $5 billion. This way, neither it nor the foundation pay anything.Peter Buck died more than a year ago. But it appears that the donation is just being made now. A foundation spokesperson declined a request for clarification on the timing, calling it a "family matter."

The foundation did, however, say in its press release that the donation will help it "greatly expand its philanthropic endeavors and impact many more lives." Kinda hard to do with static stock certificates...

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