Peet's Coffee & Tea Inc. (
) has investors wagering that rival bidders will attempt to top a
$1 billion takeover offer that already represents the most
expensive U.S. beverage deal, according to a report in SF Gate.
JAB, a closely held German holding company, announced a July 23
agreement to take Peet's private for about $1 billion plus the
assumption of its cash, which translated into a $73.50 per share
The SF Gate report stated that Starbucks (
) may be interested in making a counterbid to gain a more expensive
grocery store brand and prevent Peet's from expanding its coffee
shops, according to Wedbush.
Oscar Gruss & Son says Starbucks, which was founded five
years after Peet's, could pay as much as $80 a share to beat out
the offer from JAB.
Paul Kranhold, a spokesman for Peet's, wouldn't comment on
whether the company has been in contact with another bidder or
received other offers.
Jim Olson, a spokesman for Starbucks, said the Seattle company
doesn't comment on market rumors.
PEET shares are have turned negative after touching a day high
$75.65, and have traded in a 52-week range of $51.16 - $77.60.
SBUX shares are down 2.5% to NEAR $45.70.
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