(Starbucks' (SBUX) rumored takeover of Peet's Coffee (PEET) report updated with CEO Howard Schultz' ambitious goals to grow the company's grocery business more than tenfold.)
SEATTLE (TheStreet) -- Peet's Coffee & Tea (PEET) shares gave up some of their recent gains Tuesday as rumors continued to circulate that Starbucks (SBUX) could be looking to take it over. The specialty coffee roaster and retailer saw its share plunge earlier in March after news broke that Starbucks and Green Mountain Coffee Roasters (GMCR) announced a long-anticipated partnership, leaving Peet's out of the lucrative deal.
Peet's shares fell 2.5% to $47.80 Tuesday afternoon but remain nearly 13% higher than the opening price on March 15, the day takeover rumors first began in earnest. The stock had plunged 11.4% on March 10, the day Starbucks and Green Mountain announced a deal in which Starbucks and Tazo tea-branded K-Cup portion packs will be available for Green Mountain's popular Keurig single-cup brewing systems later this year. Investors were clearly disappointed that Emeryville, Calif.-based Peet's had been left out of the profitable partnership.
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