Business

News Summary: Peet’s purchased for $977.6M

By Washington Examiner
Published July 23, 2012 3:41pm ET
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NEW YORK (AP) — TAKEOVER TEA: German conglomerate Joh. A. Benckiser will take Peet’s Coffee & Tea private for approximately $977.6 million.

THE NUMBERS: Benckiser will pay $73.50 per share, a 29 percent premium to Peet’s Friday closing price of $57.16. The companies put the transaction’s total value at about $1 billion.

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