Peet’s Coffee & Tea is being taken private by a German conglomerate for approximately $977.6 million.
Privately held Joh. A. Benckiser, which invests in consumer goods brands, will pay $73.50 per share, a 29 percent premium to Peet’s closing stock price of $57.16 on Friday. The companies said Monday the deal was worth about $1 billion.
Shares of Peet’s jumped $15.89, or 27.8 percent, to close at $73.05 Monday. Over the past year, the stock has traded in a range of $51.16 to $77.60.
Mitchell Pinheiro of Janney Capital Markets said in a client note that Peet’s was a logical acquisition target because of its strong brand and growth potential. But the analyst was a bit surprised by the going-private deal.News Tribune news services