Caribou sold for $324.8M to German holding company

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Associated Press

Posted on December 17, 2012 at 8:00 AM

Updated Monday, Dec 17 at 8:04 AM

MINNEAPOLIS (AP) — A German holding company is buying Caribou Coffee for approximately $324.8 million.

Caribou Coffee Co. will continue to operate as an independent company with its own brand and management team once the buyout closes. It will keep its headquarters in Minneapolis.

Joh. A. Benckiser Group GmbH will pay $16 per share, a 30 percent premium to Caribou's Friday closing price of $12.32. The companies put the total value of the deal at about $340 million.

Caribou currently has 20.3 million outstanding shares, according to FactSet.

Caribou's board unanimously approved the buyout.

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