Peet's Coffee & Tea being privatized
by the same German corporate owner of OPI nail polish.
Peet's Coffee & Tea is being taken private for approximately $977.6 million.German conglomerate Joh. A. Benckiser will pay $73.50 per share, which is a 29 percent premium to Peet's Friday closing stock price of $57.16. The companies put the deal's total value at about $1 billion Monday.
...Privately held Benckiser invests in brands in the consumer goods category. It is the majority owner of Coty Inc., which is known for its celebrity fragrances and OPI nail polish. Coty announced last month that it is planning to go public and hopes to raise $700 million in an initial public offering. It also owns Labelux, a luxury goods company with brands such as Jimmy Choo, Bally and Belstaff. - SFGate
Labels: Coffee, corporations, Peet's
