Peet's raises its bid for Diedrich Coffee
December 1, 2009
IRVINE, CALIF. — Peet’s Coffee & Tea has made a revised acquisition offer for Diedrich Coffee, Inc. to pay Diedrich Coffee’s stockholders a value of $32.50 per share, which would be a combination of cash and Peet’s stock.
Diedrich Coffee’s stockholders would receive a stock component consisting of 0.321 of a share of Peet’s common stock plus a cash component in an amount between $21.265 and $22.870 so that the value of the total consideration paid per Diedrich Coffee share would be equal to $32.50. This also considers Peet’s common stock has a value between $30 and $35 per share.
Last week Peet’s bid was as high as $32 per share, which included $19.80 in cash. In addition, Green Mountain Coffee Roasters, Inc. has made an acquisition bid of $32 per share in cash.
Both Peet’s and Green Mountain want Diedrich’s share in the K-Cup market. Diedrich’s said it is evaluating the offers.