Peet's Coffee & Tea to Be Acquired by Joh. A. Benckiser for $73.50 Per Share in Cash

Peet's Coffee & Tea, Inc.

and Joh. A. Benckiser 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.