December 17/Minneapolis/Press Release -- An affiliate of The Joh. A. Benckiser Group (JAB) has agreed to acquire Caribou Coffee Co. Inc. for $340 million.

The agreement is equal to $16 per share and has been approved by Caribou’s independent board of directors.

Caribou will continue to be operated as an independent company with its own brand, management team and growth strategy. An affiliate of JAB will commence a tender offer to acquire all of the outstanding shares of Caribou’s common stock. Following the tender offer, JAB will acquire all remaining shares not tendered in the offer through a second-step merger at the same price as in the tender offer. The tender offer is subject to various conditions, including a minimum tender of at least a majority of outstanding Caribou shares on a fully diluted basis, the expiration or termination of waiting periods and other customary conditions. BDT Capital Partners, a merchant bank, is a minority investor in the transaction.