Peet’s Coffee & Tea agrees to $1B buyoutPeet’s Coffee & Tea agrees to $1B buyout

Charlie Duerr

Peet’s Coffee & Tea Inc. said Monday it has entered into a definitive agreement to be acquired by European holding company Joh. A. Benckiser (JAB) for $73.50 per share, or about $1 billion.

RELATED
• Analyst: Starbucks eyeing Peet's
• Diedrich chooses Green Mountain over Peet’s
• More restaurant industry finance news

The deal, which would take Peet’s private, was unanimously approved by its board of directors, the company said. The Berkeley, Calif.-based company also stated that Peet’s will continue to be operated by its current management team and employees.

"We are very excited about this next chapter in Peet's rich history," Patrick O'Dea, president and chief executive of Peet's, said in a statement. "Over many years we've d...