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Joh. A. Benckiser to Buy Peet’s Coffee for About $1 Billion

Joh. A. Benckiser agreed to buy Peet’s Coffee & Tea Inc., giving the closely held German holding company about 190 specialty cafes in the U.S. and access to an expanding grocery business.

The offer of $73.50 per share is 29 percent more than Peet’s closing price of $57.16 on July 20. The transaction is expected to be completed in about three months, Ludwigshafen-based Joh. A. Benckiser and Peet’s said today in a statement. Peet’s rose 28 percent to $73.05 at the close in New York.