Peet's raises its bid for Diedrich Coffee

by Staff
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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.

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