There will soon be one less publicly traded coffee brand. Peet’s Coffee and Tea (NASDAQ:PEET) announced on Monday that it has agreed to be acquired by Joh. A Benckiser for $977.6 million.
Benckiser, a privately owned, Germany-based consumer products company, will pay $73.50 a share, roughly a 29% premium above Peet’s Friday closing price, the Associated Press noted. Not surprisingly, shares of Peet’s Coffee and Tea jumped more than 29% to $73.80 in Monday morning trading.
Peet’s operates coffee shops and retails its coffee and tea products through home delivery and supermarket channels.
The acquisition is expected to be completed within three months, provided that Peet’s shareholders approve the deal. A special shareholder meeting will be scheduled for the vote. Peet’s will retain its current management team and Emeryville, Calif., corporate headquarters, the company said.