Shares of Teavana Holdings (TEA) rose more than 52% in Wednesday's trading session. The specialty retailer of loose-leaf teas and related merchandise was acquired by Starbucks (SBUX). Shares of Starbucks lost 2.9% during the regular trading session, but recovered a bit in after-hours trading.
The Deal
Starbucks announced on Wednesday that it will acquire Teavana, a leading premium retail tea brand with global sourcing capabilities. Starbucks will pay $15.50 per share for Teavana, for approximately $620 million in an all cash transaction. Roughly 70% of shareholders in Teavana have already approved the deal through written consent.
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