Peet's extends offer for Diedrich despite Green Mountain agreement

By Lisa Kerner

Charlotte, N.C., Dec. 15 - Peet's Coffee & Tea, Inc. extended its cash-and-stock exchange offer for Diedrich Coffee, Inc.'s shares to midnight ET on Jan. 29 from Tuesday.

Approximately 5,126 shares of Diedrich common stock had been tendered in the offer and not withdrawn as of the close of business on Monday, according to a Peet's news release.

Peet's began the offer, valued at $26 per share, on Nov. 17.

The Hart-Scott-Rodino waiting period in the proposed merger expired on Monday, Peet's said.

Green Mountain Coffee Roasters, Inc.'s $35-per-share cash tender offer for Diedrich will expire at midnight ET on Jan. 11.

On Dec. 7, Diedrich agreed to be acquired by Green Mountain in a transaction valued at approximately $290 million.

Diedrich's board of directors recommended that shareholders support the Green Mountain offer and not tender their shares in Peet's offer.

As previously reported, Diedrich terminated its prior agreement with Peet's, an Emeryville, Calif., specialty coffee and tea company.

Diedrich is an Irvine, Calif., specialty coffee roaster, wholesaler and retailer.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.