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Caribou Coffee (CBOU) Agrees To Go Private For $16/Shr

 December 17, 2012 10:32 AM
 


(By Balachander) Caribou Coffee Company Inc. (NASDAQ: CBOU) agreed to acquired by an affiliate of the Joh. A. Benckiser Group (JAB) for $16.00 per share, or roughly $340 million, in cash.

The deal represents a premium of around 30 percent to CBOU's previous closing price.

JAB - the investment group of Germany's Reimann family - owns interests in cosmetics perfume maker Coty Inc. and household products company Reckitt Benckiser Plc. The investment vehicle agreed to buy Peet's Coffee & Tea for about $974 million earlier this year.

Based on the number of coffeehouses, Caribou is the second largest company-operated premium coffeehouse operator in the United States.

As of September 30, 2012, the company had 610 coffeehouses, including 202 franchised locations, in 22 states, the District of Columbia and ten international markets.

CBOU shares, which have been trading in the 52-week range of $9.93 to $18.84, traded 30 percent higher at $16.01 on Monday.

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