Banking, finance, and taxes

German Firm Brews Up Deal for Peet’s Coffee

German holding company Joh. A. Benckiser (JAB) has agreed to acquire Peet’s Coffee & Tea Co. (NASDAQ: PEET) for $73.50 per share, or approximately $1 billion in cash. The price reflects a premium of 29% to Peet’s closing price of last Friday.

JAB owns approximately 81% of Coty Inc., which filed for an IPO at the end of June after failing in an acquisition bid for Avon Products Inc. (NYSE: AVP). Coty’s offer for Avon topped $10.5 billion, but Avon was never interested in discussing a deal.

According to today’s announcement:

The transaction, which is structured as a one-step merger with Peet’s as the surviving corporation, is not subject to a financing condition and is expected to close in approximately three months, subject to customary closing conditions, including receipt of shareholder and regulatory approvals. The transaction requires the affirmative vote of holders of a majority of the company’s outstanding shares, which will be sought at a special meeting of shareholders.

Peet’s, based in Emeryville, Calif., went public in 2001 and shares hit an all-time high of more than $77 earlier this year.

Shares are trading up 29.1% at $73.81 in a 52-week range of $51.16 to $77.60.

Paul Ausick

100 Million Americans Are Missing This Crucial Retirement Tool

The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.

Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.

A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.

Click here to learn how to get a quote in just a few minutes.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.