NEW YORK - Coca-Cola Tuesday announced that it has agreed to buy super premium juice company Odwalla for $181 million. Under the terms of the transaction, already approved by the Boards of Directors of both companies, Coke will acquire all outstanding shares of Odwalla common stock for $15.25 per share in an all-cash tender offer.
Half Moon Bay, Calif.-based Odwalla, whose products include the Odwalla and Fresh Samantha lines of fruit and vegetable juices, dairy-free shakes and spring water, will become a separate business unit of Coke's Minute Maid juice division, the company said. Odwalla's current management team will remain in place. CEO Stephen Williamson will report to Don Knauss, CEO of Minute Maid Americas.
In the past year, Coke also has acquired Planet Java, a maker of coffee drinks, and Mad River Traders, which distributes New Age teas, juices, lemonades and sodas.