Peet's Coffee May Sell Itself To Starbucks
EMERYVILLE (CBS / AP) -- Shares of Emeryville-based Peet's Coffee & Tea Inc. rose for a second-straight day Wednesday as talk spread that the Bay Area company was considering a deal with Starbucks Corp.
The cable television business channel CNBC reported that Peet's recently held talks with Starbucks about a potential sale to the large coffee shop chain. Details were scarce, and it's not clear such a deal could succeed. But the rumor was enough to move shares.
Starbucks declined to comment, and Peet's did not immediately respond to requests for comment.
Rumors have long circulated about deals between the two companies. Starbucks also has recently grown more aggressive with its plans, particularly in the single-serve market, where Peet's has indicated it wants to focus.
Shares of Peet's have risen a combined 11.5 percent the past two days and closed Wednesday at $47.61. They have traded between $33.20 and $49.24 in the past 52 weeks.
Starbucks shares closed down 72 cents, trading at $35.00 on Wednesday.
(Copyright 2011 by CBS San Francisco. All Rights Reserved. The Associated Press contributed to this report.)
