PEET Peets Coffee & Tea, Inc. (MM)

With no other bidders emerging to buy its coffee business, Peet's Coffee & Tea (PEET) set Oct. 26 as the date shareholders can vote to approve its $1 billion deal with private investment group Joh. A. Benckiser.

Peet's shareholders will get $73.50 a share in cash for each share they own under the terms of the buyout.

Peet's board is unanimously recommending its stockholders approve the deal announced July 23. Investors had bid up Peet's stock over the deal price for weeks following the deal, believing a higher offer would materialize. In Thursday morning trading, Peet's shares rose 5 cents to $73.45.

Write to Matt Andrejczak at mandrejczak@marketwatch.com

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