Peet's Coffee & Tea set to go private after $1bn takeover
San Franciso-based Peet's has secured board-level approval for the $73.50 per share deal, which represents a premium of approximately 29% over Peet's closing stock price on July 20 2012.
Peet's will be delisted from the NASDAW, and Patrick O'Dea, President and CEO of Peet's, said of the deal: "We are very excited about this next chapter in Peet's rich history."
"Over many years we've demonstrated an unyielding commitment to craft coffees and teas of uncompromised quality. This commitment is what has distinguished the Peet's brand among all others and will continue to guide us as we go forward.
Bart Becht, JAB chairman, said: "We look forward to preserving the company's culture and core values, while supporting management's vision for future growth."
As a specialty coffee and tea company, Peet's was founded in 1966 in Berkeley, California, and sells teas at its own stores, through retail outlets and online.
