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If you purchased shares of Peet's Coffee & Tea, Inc. (NASDAQ:PEET) prior to July 23, 2012, and currently hold any of those NASDAQ:PEET shares, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
July 23, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in Peet's Coffee & Tea, Inc. (NASDAQ:PEET) shares was announced concerning whether the offer by Joh. A. Benckiser to acquire Peet's Coffee & Tea, Inc. at $73.50 per NASDAQ:PEET shares
The investigation by a law firm concerns whether certain officers and directors of Peet's Coffee & Tea, Inc. breached their fiduciary duties owed to NASDAQ:PEET investors in connection with the proposed acquisition.
On July 23, 2012, Peet's Coffee & Tea, Inc. (NASDAQ: PEET) and Joh. A. Benckiser ('JAB') announced that they have entered into an agreement under which JAB will acquire Peet's Coffee & Tea for $73.50 per NASDAQ: PEET share in cash, or a total of approximately $1 billion.
Peet's Coffee & Tea said the offer represents a premium of approximately 29% over Peet's closing stock price on July 20, 2012.
However, at least one analyst has set the high target price for NASDAQ: PEET shares at $95.00 per share, thus well above the current $73.50 per share. In addition NASDAQ: PEET shares traded as early as April 30, 2012 as high as $76.82 per share, thus also above the current offer.
Furthermore, Peet's Coffee & Tea, Inc. has performed well for its investors in the past. For instance, it reported that its Total Revenue increased from $284.82million for a 52weeks period ended on Dec. 28, 2008 to $371.92million for the 52weeks period ended on Jan 1, 2012 and its Net Income over the respective time periods rose from $11.16million to $17.79million. Shares of Peet's Coffee & Tea, Inc. (NASDAQ:PEET) grew from as low as $20.50 per share in March 2009 to as high as $76.35 per share.
Therefore the investigation for NASDAQ:PEET investors concerns whether the proposed transaction is unfair to Peet's Coffee & Tea, Inc. stockholders. Specifically, the investigation focuses on whether the Peet's Coffee & Tea Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
