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Peet's Increases Offer For Diedrich To $265 Million
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Posted on 11/23/09 at 3:26pm by Gordon Wilcox
Peet's Coffee & Tea (Nasdaq: PEET) raised its offer for the wholesale roaster and distributor Diedrich Coffee Inc. (Nasdaq: DDRX) by about 24% to $265 million. The new offer values Diedrich at $32 a share, $2 a competing bid from Green Mountain Coffee Roasters (Nasdaq: GMCR).
Under the terms of Peet's revised proposal, Peet's said it will pay $19.80 in cash and 0.321 of one share of Peet's common stock for each share of Diedrich common stock. Investors sent Diedrich shares higher by nearly 30%, indicating they favor the new proposal and that Peet's could raise its offer again.
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