July 23 Peet's Coffee & Tea Inc said on
Monday it is set to be acquired by Joh. A. Benckiser for about
$1 billion, a move that would give Peet's a financial jolt as it
competes against larger coffee and tea shops and would broaden
the reach of Germany's Reimann family.
The offer price of $73.50 per share in cash represents a
premium of nearly 29 percent over Peet's July 20 closing stock
price of $57.16.
Peet's, the specialty coffee and tea company, was founded in
1966 and competes with chains such as Starbucks Corp.
Joh. A. Benckiser, the investment vehicle for the Reimann
family of Germany, owns stakes in companies such as household
products maker Reckitt Benckiser Plc and fragrance and
cosmetics company Coty Inc.
Along with Benckiser, BDT Capital is participating in the
Peet's deal as an advisor and minority investor. BDT Capital, a
Chicago-based firm, was founded by Byron Trott, a long-time
confidant of Warren Buffett.