NEW YORK (AP) Krispy Kreme has become private thanks to JAB Beech Inc. in a deal worth approximately $1.35 billion.
The doughnut company’s stock soared more than 23 percent in premarket trading on Monday, May 9.
JAB Beech will pay $21 for each share of Krispy Kreme Doughnuts Inc. That’s about a 25 percent premium to the Winston-Salem, North Carolina-based company’s Friday closing price of $16.86.
Krispy Kreme’s board unanimously approved the transaction, which is targeted to close in the third quarter. Company officials said the annual shareholders meeting will be postponed; it was originally set for June 14.
