Keurig Dr Pepper Inc. (NASDAQ:KDP) and JDE Peet’s N.V. on Thursday announced the formal launch of a recommended public cash offer by Kodiak BidCo B.V. for all issued and outstanding ordinary shares of JDE Peet’s.
The offer is priced at 31.85 euros ($37.03) per share in cash, with the Offer Memorandum published on January 15, 2026. JDE Peet’s will also pay a previously declared 0.36 euros per share cash dividend on January 23, 2026, which will not reduce the offer price.
Following the acquisition, KDP plans to split into two separate, U.S.-listed public companies: a scaled growth challenger in North America’s beverage market and a global coffee leader serving more than 100 countries with a broad portfolio spanning all coffee segments, channels, and price points.
Transaction Highlights
The Offer Memorandum has been approved by the Dutch Authority for the Financial Markets, with terms unchanged from the August 25, 2025, joint press release, and remains subject to the conditions outlined in the document.
JDE Peet’s board unanimously supports and recommends the offer, with Acorn Holdings and all board members, together holding about 69% of outstanding shares, irrevocably committing to tender their shares.
The offer period runs from January 16 to March 27, 2026, unless extended, and requires a minimum acceptance of 95%, reduced to 80% if shareholders approve certain post-closing restructuring measures at the extraordinary general meeting on March 2, 2026.
If the offeror reaches 95% acceptance, it plans to pursue statutory buy-out proceedings and may implement a post-closing demerger.
Meanwhile, acceptance between 80% and 95% would lead to a post-closing merger to gain full ownership, subject to shareholder approval and potential tax implications.
The transaction is expected to close in the early second quarter of 2026, pending satisfaction or waiver of closing conditions.
As of the end of the third quarter, Keurig had cash and equivalents of $516 million.
KDP Price Action: Keurig Dr Pepper shares were down 0.07% at $28.10 during premarket trading on Thursday, according to Benzinga Pro data.
Photo by Jonathan Weiss via Shutterstock
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