July 23 (Reuters) - 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.