Peet's Coffee & Tea acquired by Germany's Benckiser
Peet's Coffee & Tea Inc has announced plans to be acquired by Joh. A. Benckiser for almost $1 billion. The specialty coffee and tea retailer has over 190 retail locations, mostly in California, and is valued at $73.50 per share, which represents a premium of nearly 29% over Friday's closing stock price. The move is expected to strengthen Peet's financial position as it competes against well-established tea and coffee retailers such as Starbucks and The Coffee Bean & Tea Leaf. The company will be privately held and will continue to be run by its current management team. It will remain based in the San Francisco Bay Area. Joh. A. Benckiser is an investment vehicle for the Reimann family of Germany, which owns stakes in companies such as household products maker Reckitt Benckiser and fragrance and cosmetics company Coty Inc.