Peet's Coffee & Tea Soars on Takeover by Joh. A. Benckiser

Peet's Coffee & Tea, Inc.

is trading higher on the session after announcing that it will be acquired by Joh. A. Benckiser for $73.50 per share in cash. The transaction values Peet's Coffee & Tea at $1 billion. Patrick O'Dea, President and CEO of Peet's stated, “We are very excited about this next chapter in Peet's rich history. 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.” Peet's Coffee & Tea is currently trading at $73.76, a gain of $16.60 or 29.04%.