A lawsuit was filed for current investors in shares of Peet's Coffee & Tea, Inc. (NASDAQ:PEET) in effort to block the proposed takeover and NASDAQ:PEET stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/06/2012 -- An investor in shares of Peet's Coffee & Tea, Inc. (NASDAQ:PEET) filed a lawsuit in effort to block the proposed takeover of Peet's Coffee & Tea, Inc. by Joh. A. Benckiser at $73.50 per NASDAQ:PEET share.
Investors who purchased shares of Peet's Coffee & Tea, Inc. (NASDAQ:PEET) prior to July 23, 2012, and currently hold any of those NASDAQ:PEET shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants 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, the plaintiff alleges that the $73.50offer is unfair to PEET stockholders and undervalues the company. Indeed, at least one analyst has set the high target price for PEET shares at $95.00, thus well above the current offer. In addition, PEET shares traded as early as April 30, 2012 as high as $76.82, thus also above the current offer. Furthermore, in the open market PEET shares succeed the current offer and traded during July 30, 2012 as high as $75.85.
Furthermore, so the plaintiff, the defendants agreed to preclusive deal protection devices, such as a matching rights and a $30million termination fee provision, that will prevent the company from considering or accepting a competing offer.
Those who are current investors in Peet's Coffee & Tea, Inc. (NASDAQ:PEET) and purchased their Peet's Coffee & Tea, Inc. shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com