Peet's Coffee & Tea is being taken private for $977.6 million.
German conglomerate Joh. A. Benckiser will pay $73.50 per share, which is a 29 percent premium to Peet's Friday closing stock price of $57.16. The companies put the deal's total value at about $1 billion Monday.
Peet's was founded in 1966 in Berkeley, Calif., by Alfred Peet. The company gets more than half its revenue from its coffee shops and the rest from grocery sales, home delivery and sales to food service and offices.
Read more at OregonLive.com.