Starbucks Dips Into Tea Market With $620M Teavana Buy

Law360, New York (November 14, 2012, 5:16 PM EST) -- Starbucks Coffee Co. will pay $620 million for specialty tea retailer Teavana Holdings Inc. as part of a plan to diversify beyond its stranglehold on the U.S. coffee market through a growing tea business, the buyer said Wednesday.

Under the proposed terms, Teavana investors would receive $15.50 in cash for each of their shares, a purchase price well above Tuesday's $10.13 close.

The deal is subject to approval by regulators and Teavana shareholders, though Seattle-based Starbucks said the holders of about 70 percent of the company's...
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