Peet's Coffee (PEET), which roasts and markets coffee, is jumping after the company agreed to be acquired by private investment company Joh. A. Benckiser for $73.50 per share in cash, or a total of $1B. Under the terms of the deal, Peet's will become a privately owned company. In mid-morning trading, Peet's jumped $16.69, or 29.20%, to $73.85. Other coffee makers rose following the deal, with Caribou Coffee (CBOU) gaining 2.59% to $11.49, and Coffee Holding Co. (JVA) adding 5.46% to $5.59. Green Mountain (GMCR), meanwhile, fell but was outperforming the market, losing 0.85% to $17.42.
America has no tolerance for wealthy people griping about their financial woes. But they have concerns too.