Business & Tech
Peet's Coffee and Tea Sold for $1Billion
The company will remain based in the East Bay and management is not expected to change.
Peet’s Coffee and Tea, with locations in Dublin and Pleasanton, announced Monday that a German company was buying it for nearly $1 billion. Peet’s Coffee and Tea has had a varied and complex corporate history.
Joh. A Benckiser is paying $79.50 a share for Peet’s, which is a premium of 29 percent over the closing stock price on Friday, according to Reuters.
"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."
Longtime Peet’s fans, tell us what you think? Did you notice a difference in your brew when Starbucks owned Peet’s in the 1980s? Was there a perceptible change in your chai during its years as a public company?
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