Report
JDE Peets Keurig Dr. Pepper makes € 31.85ps all cash offer for JDEP
This morning, Keurig Dr Pepper (KDP) and JDE Peet's announced that they have entered into a definitive agreement under which KDP will acquire JDE Peet's in an all cash offer. Subsequently, KDP will separate its refreshment beverage (Beverage Co) and coffee business (Global Coffee Co) into two independent companies. Under the terms of the transaction, KDP will pay JDE Peet's shareholders € 31.85ps, representing a total equity consideration of € 15.7bn. JDE Peet's will also pay the previously declared dividend of € 0.36 per share prior to the closing, with no reduction to the offer price. The offer price implies a 20.2% premium to yesterday's closing price, with the commencement of the tender offer and closing expected to occur in 1H26. JAB holding and certain of JDE Peet's directors (combined 69% of the voting power), have already committed to tender their shares in favor of the acquisition. In line with the offer price, we increase our TP from € 27.0 to € 31.85ps. Accumulate.
Underlying
JDE Peet's NV
Provider
KBC Securities
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Michiel Declercq
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