Peet's Increases Offer For Diedrich To $265 Million
By Gordon Wilcox
November 23, 2009 2:26 PM
November 23, 2009 2:26 PM
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.
(c) 2011 Benzinga.com. All rights reserved. This material may not be published in its entirety or redistributed without the approval of Benzinga.
We're Loving
