Teavana surges after report of potential Starbucks takeover

theflyonthewall.com

Teavana (TEA), a specialty tea retailer, spiked into positive territory following a report in the Atlanta Business Chronicle that said Starbucks (SBUX) could announce plans to acquire the company. The report, which cites a source, noted that rumors of a takeover bid from the coffee giant have circulated previously and added that an announcement of an acquisition may come from Starbucks as soon as Thursday. Shares of Teavana, which had been in negative territory for the majority of today's session, spiked higher and were up $2.75, or 27.15%, to $12.88 when shares were halted, pending news.

View Comments (0)