Diedrich Coffee says revised Green Mountain offer superior to Peet's

By Lisa Kerner

Charlotte, N.C., Nov. 25 - Diedrich Coffee, Inc.'s board of directors determined that Green Mountain Coffee Roasters, Inc.'s revised offer continues to be a superior proposal to Peet's Coffee & Tea, Inc.'s amended offer.

Peet's has until 2 p.m. ET on Friday to negotiate its offer with Diedrich, according to a Diedrich news release.

Diedrich said it is prepared to terminate the Peet's merger agreement and pay the required termination fee in order to enter into a new merger agreement with Green Mountain.

Green Mountain upped its original offer for Diedrich by $2.00 per share to $32.00 per share in cash after Peet's raised its offer to $19.80 in cash plus 0.321 of a share of Peet's common stock for each Diedrich share.

Peet's revised offer expired on Wednesday morning, the release said.

The original Green Mountain offer was also deemed to be superior to Peet's original offer of $26.00 per share in cash and stock.

Green Mountain's revised offer includes an $8.5 million reverse termination fee payable to Diedrich if Green Mountain's offer is terminated under certain circumstances.

Based in Irvine, Calif., Diedrich is a specialty coffee roaster, wholesaler and retailer.

Green Mountain is a Waterbury, Vt.-based specialty coffee company.

Peet's is an Emeryville, Calif., specialty coffee and tea company.

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