An investor in Teavana Holdings, Inc. reportedly has filed a lawsuit to block the $620 million acquisition of the company by Starbucks.
The plaintiff contends the agreement by Starbucks Coffee Company to acquire Teavana Holdings for $15.50 per share undervalues the tea company, according to The Shareholders Foundation, a legal monitoring and settlement claim filing service, in a Nov. 26 press release.
The media relations team at Starbucks didn't immediately respond Monday afternoon to an emailed request for comment.
Starbucks last month noted the acquisition had been approved by Teavana stockholders controlling about 70 percent of the outstanding shares of the common stock. Founded 15 years ago, Teavana is a specialty retailer offering premium loose-leaf teas, authentic artisinal teawares and other tea-related merchandise through 300 company-owned stores and on its website. It is set to become a wholly-owned subsidiary of Starbucks.
Shares of Teavana closed Monday at $14.87 on the New York Stock Exchange. The price of the stock has ranged from a 52-week high of $26.03 on Feb. 28 to a 52-week low of $9.75 on Nov. 14 — the day the Starbucks acquisition was announced.
