That’s quite a caffeine high: Between Peet’s Coffee & Tea and now Caribou Coffee Co., German conglomerate Joh. A. Benckiser will pay more than $1.3 billion this year for joe.
On Monday, Benckiser said it will shell out $340 million for Minneapolis-based Caribou. In July, Benckiser said it would spend $974 million to buy Emeryville, Calif.-based Peet’s. The German giant also controls makeup maker Coty and luxury goods company Labelux, which owns shoe brand Jimmy Choo.
To acquire Caribou, an affiliate of Benckiser will pay $16 a share, a 30% premium to Caribou's closing price Friday of $12.32 a share. Caribou’s stock is down slightly from Dec. 14 last year, when it was trading at $13.10 a share.
The stock has struggled to recover since May, when in the space of a few weeks it plunged 38% to roughly $10 a share from more than $16.