Peet’s Coffee extends expiration for offer to buy Diedrich Coffee 1 month to April 2
By APMonday, March 1, 2010
Peet’s extends offer to buy Diedrich Coffee
EMERYVILLE, Calif. — Peet’s Coffee & Tea Inc. on Monday extended its exchange offer to buy coffee wholesaler Diedrich Coffee Inc.
Peet’s is offering a combination of cash and stock valued at $26 per share, compared to a competing offer by Green Mountain Coffee Roasters of $35 per share.
As of the close of business on Feb. 26, Peet’s said 15,621 shares of Diedrich common stock had been tendered for its offer and not withdrawn.
Peet’s offer is now scheduled to expire at midnight eastern time on April 2, instead of midnight Monday. All other terms of the offer remain unchanged.
Peet’s Coffee and Tea had agreed to buy Diedrich before Green Mountain stepped in and paid Peet’s an $8.5 million termination fee. Green Mountain, which has been on a buying spree, said last month that antitrust authorities have requested additional information about the proposed deal.
Shares of Peet’s gained 81 cents to $37.16 in late afternoon trading. Diedrich shares rose 17 cents to $34.77, and Green Mountain Coffee Roasters shares slipped 83 cents to $83.56.
