Peet's Coffee & Tea 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 which would also broaden the reach of Germany's Reimann family.
The offer price of $73.50 per share in cash represents a premium of nearly 29% over Peet's (PEET) July 20 closing stock price of $57.16.
Joh. A. Benckiser, the investment vehicle for the Reimann family of Germany, owns stakes in companies such as household products maker Reckitt Benckiser (RBGPY.PK) and fragrance and cosmetics company Coty.
Along with Benckiser, BDT Capital is participating in the Peet's deal as an adviser and minority investor. Chicago-based BDT Capital was founded by Byron Trott, a long-time confidant of Warren Buffett.