Teavana Holdings Inc. (TEA) announced Wednesday afternoon that it agreed to be acquired by Starbucks Corp. (SBUX) for $15.50 per share in cash, in a transaction valued at $620 million.
Teavana Holdings broke out sharply to the upside in the final 2 hours of trade and closed higher by 5.32 at $15.45 on the highest volume of the year. The stock surged to over a 5-month high and re-crossed its 50-day moving average.
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