Peet's to Become Private in a Transaction Valued at
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
"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."
"At JAB, we are committed to owning and investing in companies with
strong, premier-quality brands and great people whose values we share,"
In addition to JAB,
The transaction, which is structured as a one-step merger with Peet's as the surviving corporation, is not subject to a financing condition and is expected to close in approximately three months, subject to customary closing conditions, including receipt of shareholder and regulatory approvals. The transaction requires the affirmative vote of holders of a majority of the company's outstanding shares, which will be sought at a special meeting of shareholders.
Citigroup is serving as exclusive financial advisor to Peet's in
connection with this transaction and has delivered a fairness opinion to
the Board of Directors of Peet's.
In light of today's announcement, Peet's will not be holding a conference call to discuss its second quarter fiscal 2012 results.
About Joh. A. Benckiser
Joh. A. Benckiser is a privately held group focused on long term
investments in premium brands in the broader consumer goods category.
The group's portfolio includes a majority stake in
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. Statements that
are not historical facts, including statements about beliefs or
expectations, are forward-looking statements. These statements are based
on plans, estimates and projections at the time Peet's makes the
statements, and readers should not place undue reliance on them. In some
cases, readers can identify forward-looking statements by the use of
forward-looking terms such as "may," "will," "should, "expect,"
"intend," "plan," "anticipate," "believe," "estimate," "predict,"
"potential," or "continue" or the negative of these terms or other
comparable terms. Forward-looking statements involve inherent risks and
uncertainties, and the Company cautions readers that a number of
important factors could cause actual results to differ materially from
those contained in any such forward-looking statement. Factors that
could cause actual results to differ materially from those described in
this press release include, among others: uncertainties as to the timing
of the acquisition; the possibility that competing offers will be made;
the possibility that various closing conditions for the acquisition may
not be satisfied or waived, including that a governmental entity may
prohibit or refuse to grant approval for the consummation of the
acquisition; general economic and business conditions; and other
factors. Additional risks are described in the Company's Annual Report
on Form 10-K for the year ended
Additional Information and Where to Find It
In connection with the proposed merger, Peet's
The Company and its directors and officers may be deemed to be
participants in the solicitation of proxies from the Company's
shareholders with respect to the proposed merger. Information about the
Company's directors and executive officers and their ownership of the
Company's common stock is set forth in the proxy statement for the
Company's 2012 Annual Meeting of Shareholders, which was filed with the
Peet's Media Contacts:
Sard Verbinnen & Co
Peet's Investor Contact:
JAB Media Contacts:
BDT Capital Partners Media Contact:
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