The Shareholders Foundation, Inc. announced that an investor filed a lawsuit in State Court for current stockholders of Peet's Coffee & Tea, Inc. (PEET) against certain directors of Peet's Coffee & Tea, Inc. in effort to stop the proposed takeover of Peet's Coffee & Tea, Inc. by Joh. A. Benckiser at $73.50 per share.
Persons who purchased shares of Peet's Coffee & Tea, Inc. (PEET) prior to July 23, 2012 and currently hold any of those PEET shares have certain options and are advised to contact the Shareholders Foundation, Inc. at email@example.com or call 858-779-1554.
On July 23, 2012, Peet's Coffee & Tea, Inc. (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 PEET share in cash.
However, the plaintiff alleges that the $73.50 offer 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 $30 million termination fee provision, that will prevent the company from considering or accepting a competing offer.
Those who currently are investors in Peet's Coffee & Tea, Inc. (PEET) shares and purchased their shares before the announcement have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.