We enjoy a good cuppa tea at Biz Buzz and we’ve been Teavana fans for years. Hope this buyout brings Teavana’s products to Tupelo.
Starbucks Corp (SBUX.O) plans to acquire Teavana Holdings Inc (TEA.N) for $620 million in cash, Starbucks said on Wednesday.
Shares of Teavana, which sells tea, rose 28 percent to $12.97 in afternoon trade on the New York Stock Exchange before being halted.
News of a deal was first reported by the Atlanta Business Chronicle.
Starbucks said it will pay $15.50 for each Teavana share. Starbucks shares fell 1.6 percent to $49.51 on the Nasdaq.
Today’s @Starbucks tweet sent out around 2 p.m.
If coffee is love, then tea is kindness. Welcome,
@TEAVANA, to the Starbucks family. We’re honored. #coffee #tea http://sbux.co/W7UPcy
Tweet sent out around 2:15 from @Teavana:
It’s a big day for us today, we’re now joining the Starbucks family so that we can bring the perfect cup of
#tea to even more people.