Minneapolis-based Caribou Coffee announced a definitive merger agreement under which an affiliate of Joh. A. Benckiser Group (JAB), Ludwigshafen, Germany, will acquire Caribou Coffee for $16 per share in cash, or a total of approximately $340 million. The agreement, which was unanimously approved by Caribou Coffee’s independent directors, represents a premium of approximately 30 percent over Caribou Coffee’s closing stock price Dec. 14, the last trading day prior to the announcement of the transaction.
At the close of the transaction, Caribou Coffee will continue to be operated as an independent company with its own brand, management team and growth strategy.