Germany-based Benckiser, a privately owned, Germany-based consumer products company, will pay $16 a share for the coffee-maker. That marks a 30% premium over its Friday closing price, the Associated Press noted.
Predictably, Caribou shares soared more than 29% to about $16 a share in Monday trading.
Under the agreement, Caribou will become an independent subsidiary of Benckiser. It will remain based in Minneapolis and will have its own executive team.
In July, Benckiser acquired Peet’s Coffee and Tea for $977.6 million.