NEW YORK, July 23, 2012 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating the Senior Management and the Board of Directors of Peet's Coffee & Tea, Inc. (NASDAQ: PEET) for possible breaches of fiduciary duty and other violations of state law.
Peet's Coffee & Tea, Inc. and Joh. A. Benckiser ("JAB") today announced that they have entered into a definitive agreement under which JAB will acquire Peet's for $73.50 per share in cash, or a total of approximately $1 billion. At the close of the transaction, Peet's will be privately owned and will continue to be operated by the company's current management team
The investigation concerns, among other things, whether the consideration to be paid to Peet's shareholders is unfair, inadequate, and substantially below the fair or inherent value of Peet's, and whether the senior management of Peet's are putting their own self-interests ahead of that of the Company's shareholders. Indeed, analysts project that the company's true going forward inherent value is at least $95 per share.
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SOURCE Tripp Levy PLLC