Keurig Dr Pepper launches €31.85-per-share takeover bid for JDE Peet's

Keurig Dr Pepper, acting through Dutch vehicle Kodiak BidCo B.V., launched a recommended all-cash takeover offer for JDE Peet’s at an offer price of EUR 31.85 per ordinary share. The joint announcement from the parties says the transaction values JDE Peet’s at roughly $18 billion and is expected to close in the early part of the second quarter of 2026.

The Offer Memorandum was published on 15 January 2026 and the formal offer period is set to run from 16 January to 27 March 2026. JDE Peet’s will pay a previously declared cash dividend of EUR 0.36 per share on 23 January 2026; company statements specify the dividend will not reduce the offer price. An extraordinary general meeting is scheduled for 2 March 2026 to consider post-closing restructuring measures tied to the bid.

The transaction carries unusually high acceptance conditions. Kodiak BidCo requires a minimum tender of 95 percent of issued and outstanding shares to proceed, but that threshold can be reduced to 80 percent if shareholders approve the specified restructuring at the EGM. JDE Peet’s board has unanimously recommended the offer and its members have irrevocably committed their shares. Investors holding approximately 69 percent of issued and outstanding shares, including Acorn Holdings B.V. and several board members, have also given irrevocable tender commitments.

Market indicators show shares trading almost at the offer level. JDE Peet’s shares closed at EUR 31.88 on the Wednesday before the announcement, implying a market capitalization near EUR 15.56 billion, which aligns broadly with the announced USD equivalent using prevailing exchange rates. That market proximity reduces the likelihood of a competing proposal and signals investor acceptance of the valuation.

The parties state that all required competition clearances relevant to the transaction have been obtained and that the Dutch Works Council has given a positive advisory opinion. The joint release cautions the announcement itself does not constitute the offer and that any acceptance will be governed by the Offer Memorandum and applicable legal restrictions in jurisdictions where the offer may be limited.

Strategically, the takeover accelerates consolidation in coffee and broader beverages amid sustained industry pressures. JDE Peet’s portfolio includes established brands such as Jacobs, Douwe Egberts, Peet’s and L’OR. Keurig disclosed plans last year to merge with JDE Peet’s and to reorganize into two U.S.-listed entities if the deal closes, one to be called Beverage Co and the other Global Coffee Co. Keurig also raised $7 billion from private equity investors in the prior year to help fund the acquisition, a sign of heavy financial backing for the move.

The deal comes against a backdrop of record coffee bean prices, supply disruption and margin pressure across food and beverage. For investors and industry observers, the combination promises scale and a U.S.-centric listing strategy that could unlock value through synergies and portfolio restructuring, but it also concentrates execution risk around commodity cost volatility and integration of large global supply chains.

If the required acceptance thresholds are achieved and regulatory and shareholder processes proceed as planned, the parties expect to complete the transaction in early Q2 2026, with the EGM on 2 March and the offer period ending on 27 March.