Keurig Dr Pepper launches €15.7B tender offer for coffee giant JDE Peet’s

Keurig Dr Pepper (NASDAQ:KDP) and its acquisition vehicle, Kodiak BidCo B.V., formally launched a recommended public cash offer for JDE Peet’s N.V. on Thursday, advancing a massive €15.7 billion ($18.4 billion) deal that aims to reshape the global beverage landscape.

The offer price of €31.85 per share in cash represents a 33% premium over JDE Peet’s 90-day volume-weighted average price.

In a move that sweetens the deal for existing investors, JDE Peet’s will also pay a previously declared dividend of €0.36 per share on January 23, 2026.

Crucially, the offer memorandum clarifies that this dividend payment will not reduce the cash offer price, effectively raising the total value for shareholders who participate in the record date.

The transaction has received the unanimous recommendation of the JDE Peet’s board.

Major shareholder Acorn Holdings (JAB), along with board members representing approximately 69% of the voting power, have already entered into irrevocable agreements to tender their shares and vote in favor of the merger.

The offer period is scheduled to run from January 16 through March 27, 2026, with a final shareholder vote set for a special meeting on March 2.

The acquisition is the first step in a strategic "break-up" plan for Keurig Dr Pepper.

Following the close—expected in early Q2 2026—KDP intends to split into two independent, U.S.-listed public companies: a pure-play Global Coffee Co. and a North American Beverage Co.

The move essentially unwinds the 2018 merger of Keurig and Dr Pepper, creating a coffee champion that will serve over 100 countries and a scaled refreshment beverage player in the U.S. market.