The agreement, which has been unanimously approved by Caribou’s independent directors, represents a premium of approximately 30% over Caribou’s closing stock price on 14 December, the last trading day prior to the announcement of the transaction.
At the close of the transaction, Caribou will continue to be operated as an independent company with its own brand, management team and growth strategy. Caribou will remain based in Minneapolis, Minnesota (US).
Gary Graves, non-executive chairman of Caribou, said: “Caribou Coffee is a great company, with dedicated people, world-class customer service, exceptionally high quality coffeehouse beverages and food and a state-of-the-art roasting facility.
“The employees of Caribou should feel very proud of all they’ve been able to accomplish over the years, and I look forward to continued success in Caribou’s future.”
Source: Caribou Coffee Company
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