Peet’s Coffee & Tea (PEET) to Be Purchased by Joh. A. Benckiser for $73.50/Share in Cash
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Peet’s Coffee & Tea, Inc. (NASDAQ: PEET) and Joh. A. Benckiser today announced that they have entered into a definitive agreement under which JAB will acquire Peet’s for $73.50 per share in cash, or a total of approximately $1 billion.
At the close of the transaction, Peet’s will be privately owned and will continue to be operated by the company’s current management team and employees.
The transaction, which is structured as a one-step merger with Peet’s as the surviving corporation, is not subject to a financing condition and is expected to close in approximately three months, subject to customary closing conditions, including receipt of shareholder and regulatory approvals. The transaction requires the affirmative vote of holders of a majority of the company’s outstanding shares, which will be sought at a special meeting of shareholders.
At the close of the transaction, Peet’s will be privately owned and will continue to be operated by the company’s current management team and employees.
The transaction, which is structured as a one-step merger with Peet’s as the surviving corporation, is not subject to a financing condition and is expected to close in approximately three months, subject to customary closing conditions, including receipt of shareholder and regulatory approvals. The transaction requires the affirmative vote of holders of a majority of the company’s outstanding shares, which will be sought at a special meeting of shareholders.
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