Simpson Thacher is representing Krispy Kreme Doughnuts, Inc. (“Krispy Kreme”) (NYSE: KKD) in connection with its proposed sale to JAB Beech Inc., an indirect controlled subsidiary of JAB Holding Company (“JAB”) for $21.00 per share in cash, or an aggregate equity purchase price of approximately $1.35 billion. The transaction, which is expected to close in the third quarter of 2016, was unanimously approved by Krispy Kreme’s Board of Directors and represents a premium of approximately 25% over the company’s closing stock price on May 6, 2016. The transaction is subject to stockholder and regulatory approvals and other closing conditions.
Krispy Kreme is a leading branded specialty retailer and wholesaler of premium quality sweet treats and complementary products, including its signature Original Glazed® doughnut. Headquartered in Winston-Salem, NC, the company has offered the highest quality doughnuts and great tasting coffee since it was founded in 1937. Today, there are over 1,100 Krispy Kreme shops in more than 26 countries around the world.
The Simpson Thacher team includes Mario Ponce, Leah Shen, Erika Tang and Ariana Evarts (M&A); David Rubinsky, Aimee Adler and Nadine Mompremier (Executive Compensation and Employee Benefits); John Creed, Taylor Alexander and Jasmine Hay (Tax); Peter Guryan, Ellen Frye and Richard Jamgochian (Competition); Lori Lesser and Linda Nyberg (Intellectual Property); Krista McManus (Real Estate); Adeeb Fadil (Environmental); and Brian Steinhardt (Financing).