Minnesota-based Caribou Coffee Co. Inc., the nation’s No. 2 coffeehouse chain, is being bought for $340 million, the company and its German buyer announced Monday.
Specifically, the deal has Caribou of Brooklyn Center, Minn., being purchased for $16 a share, representing a premium of about 30 percent over the closing stock price on Friday. The transaction is valued at $340 million and has been unanimously approved by Caribou’s independent directors.
Caribou has 610 coffeehouses in 22 states, the District of Columbia and 10 international markets. Only Starbucks is larger in the United States. The buyer is an affiliate of the Joh. A. Benckiser Group, or JAB, a privately held German holding company with investments in many retail brands.