Photo: Flickr/Thomas Abbs
Peet’s Coffee & Tea is up nearly 4% on talks of a possible deal with Starbucks.rumours about an agreement between the two coffee companies have been circulating for a few months but the stock is surging today on a new DealReporter article that said the two parties recently discussed the matter.
Peet’s has a packaged coffee business and a market value of $589 million, according to Reuters.
This is the latest potential deal in the coffee space. Starbucks and Green Mountain recently announced a single-brewing deal that sent Green Mountain shares surging.