Coffee house chain will retain its Minnesota headquarters.

In a deal valued at $340 million, Joh. A. Benckiser Group (JAB) has agreed to acquire Caribou Coffee Company, Inc. Upon completion of the transaction, Caribou will continue to operate as an independent company with its own brand, management team and growth strategy. Caribou will remain based in Minneapolis, Minnesota.

Under the terms of the agreement, an affiliate of JAB will promptly commence a tender offer to acquire all of the outstanding shares of Caribou's common stock at a price of $16.00 per share in cash. Following successful completion of the tender offer, JAB will acquire all remaining shares not tendered in the offer through a second-step merger at the same price as in the tender offer.