BeBop Posted July 23, 2012 Report Share Posted July 23, 2012 First off, I've nothing against private equity, per se. I'm a 40-plus year Peet's guy (having received my first retail cup of coffee from Alfred Peet himself). So, when they went public, I bought a few shares, and was proud to be a (tiny, tiny) owner. I'm a bit sad to lose a Bay Area company that meant a lot to "The Locals". But business happens. Peet's Coffee & Tea, Inc. to Be Acquired by Joh. A. Benckiser for $73.50 Per Share in Cash Peet's to Become Private in a Transaction Valued at $1 Billion EMERYVILLE, Calif. --(BUSINESS WIRE)-- Peet's Coffee & Tea, Inc. (NASDAQ: PEET) and Joh. A. Benckiser ("JAB") today announced that they have entered into a definitive agreement under which JAB will acquire Peet's for $73.50 per share in cash, or a total of approximately $1 billion . The agreement, which has been unanimously approved by the Peet's Board of Directors, represents a premium of approximately 29% over Peet's closing stock price on July 20, 2012 . At the close of the transaction, Peet's will be privately owned and will continue to be operated by the company's current management team and employees. Peet's Coffee & Tea, founded in Berkeley, CA in 1966 by Alfred Peet , will remain based in the San Francisco Bay Area , with its home office in Emeryville and its LEED® (Leadership in Energy and Environmental Design) Gold Certified roast-to-order facility in Alameda. "We are very excited about this next chapter in Peet's rich history," said Patrick O'Dea, President and CEO of Peet's. "Over many years we've demonstrated an unyielding commitment to craft coffees and teas of uncompromised quality. This commitment is what has distinguished the Peet's brand among all others and will continue to guide us as we go forward." Quote Link to comment Share on other sites More sharing options...
Pete C Posted July 23, 2012 Report Share Posted July 23, 2012 ING Direct has a cafe in my work neighborhood that's pretty much a loss leader for new business evangelism. They use Peet's (only place I know of in NYC that does), and they get $1.50 for a hot or iced coffee, and I think the hot is the size of a Starbucks grande. Quote Link to comment Share on other sites More sharing options...
BeBop Posted July 23, 2012 Author Report Share Posted July 23, 2012 I love the ING on Manhattan (58th and 3rd, give or take?). Hard to get a brewed cup of Peet's outside California, Boston, Chicago (Evanston) and a few other company-owned spots. I've been to the INGs in Los Angeles, Honolulu, outside Minneapolis and Philadelphia, but they don't all have Peet's. Quote Link to comment Share on other sites More sharing options...
Tim McG Posted July 23, 2012 Report Share Posted July 23, 2012 First off, I've nothing against private equity, per se. I'm a 40-plus year Peet's guy (having received my first retail cup of coffee from Alfred Peet himself). So, when they went public, I bought a few shares, and was proud to be a (tiny, tiny) owner. I'm a bit sad to lose a Bay Area company that meant a lot to "The Locals". But business happens. Peet's Coffee & Tea, Inc. to Be Acquired by Joh. A. Benckiser for $73.50 Per Share in Cash Peet's to Become Private in a Transaction Valued at $1 Billion EMERYVILLE, Calif. --(BUSINESS WIRE)-- Peet's Coffee & Tea, Inc. (NASDAQ: PEET) and Joh. A. Benckiser ("JAB") today announced that they have entered into a definitive agreement under which JAB will acquire Peet's for $73.50 per share in cash, or a total of approximately $1 billion . The agreement, which has been unanimously approved by the Peet's Board of Directors, represents a premium of approximately 29% over Peet's closing stock price on July 20, 2012 . At the close of the transaction, Peet's will be privately owned and will continue to be operated by the company's current management team and employees. Peet's Coffee & Tea, founded in Berkeley, CA in 1966 by Alfred Peet , will remain based in the San Francisco Bay Area , with its home office in Emeryville and its LEED® (Leadership in Energy and Environmental Design) Gold Certified roast-to-order facility in Alameda. "We are very excited about this next chapter in Peet's rich history," said Patrick O'Dea, President and CEO of Peet's. "Over many years we've demonstrated an unyielding commitment to craft coffees and teas of uncompromised quality. This commitment is what has distinguished the Peet's brand among all others and will continue to guide us as we go forward." I felt the same way when Spano's [sic] in the Noe Valley District of SF was bought out by Seattle's Best. Quote Link to comment Share on other sites More sharing options...
BeBop Posted July 24, 2012 Author Report Share Posted July 24, 2012 ...And Seattle's Best got bought by S****ucks. Quote Link to comment Share on other sites More sharing options...
Tim McG Posted July 24, 2012 Report Share Posted July 24, 2012 Corporate takeover at it's greed inspired best. Quote Link to comment Share on other sites More sharing options...
Pete C Posted July 24, 2012 Report Share Posted July 24, 2012 I love the ING on Manhattan (58th and 3rd, give or take?). Exactly, southwest corner of 58th & 3rd. ...And Seattle's Best got bought by S****ucks. As was Coffee Connection in Boston, which had much better coffee (Au Bon Pain used to use their beans before the sale to Starbucks). Quote Link to comment Share on other sites More sharing options...
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