Starbucks plans to continue to grow and extend Teavana’s already successful 300 mall-based stores, as well as add a high-profile neighbourhood store concept that will accelerate Teavana’s domestic and global footprint.
Teavana recently opened its first store in the Middle East in partnership with Starbucks’ existing joint venture partner Alshaya, and has plans to enter new, high-consumption tea markets around the world in the years ahead.
Starbucks has entered into a merger agreement with Teavana to acquire Teavana for an aggregate acquisition price of approximately $620m in cash, and expects the acquisition to be accretive to earnings by approximately $0.01 per share in fiscal year 2013, based off of the previously announced earnings targets.
Teavana stockholders of record will receive $15.50 per share in cash in the merger, which will result in Teavana becoming a wholly owned subsidiary of Starbucks.
Stockholders of Teavana holding approximately 70% of the outstanding shares of common stock have approved the merger agreement by written consent, and the closing is expected to occur by year end, following receipt of regulatory clearances.
© FoodBev Media Ltd 2022
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