German conglomerate to buy Peet's Coffee

7/24/2012

EMERYVILLE, Calif. -- Peet's Coffee & Tea is being taken private by a German conglomerate for approximately $977.6 million.

Privately held Joh. A. Benckiser, which invests in consumer goods brands, will pay $73.50 a share, or about $1 billion. The stock closed Monday at $73.05 on the Nasdaq exchange after closing at $57.16 Friday.