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BUSINESS
July 23, 2012 | By Tiffany Hsu
Peet's Coffee & Tea Inc., the Bay Area-based cafe chain, is going private for $977.6 million - but it's not being sold to Starbucks, its giant Seattle rival. Instead, German conglomerate Joh. A. Benckiser will shell out $73.50 a share to buy the Emeryville company, paying a 29% premium on Friday's $57.16 closing price. Peet's had just under 200 stores as of this spring. Last spring, Peet's and Starbucks were rumored to be in talks to combine in an effort to boost both brands' presence in grocery stores.
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BUSINESS
July 23, 2012 | By Tiffany Hsu
Peet's Coffee & Tea Inc., the Bay Area-based cafe chain, is going private for $977.6 million - but it's not being sold to Starbucks, its giant Seattle rival. Instead, German conglomerate Joh. A. Benckiser will shell out $73.50 a share to buy the Emeryville company, paying a 29% premium on Friday's $57.16 closing price. Peet's had just under 200 stores as of this spring. Last spring, Peet's and Starbucks were rumored to be in talks to combine in an effort to boost both brands' presence in grocery stores.
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BUSINESS
December 9, 2009 | By Jerry Hirsch
Diedrich Coffee Inc., the Irvine coffee wholesaler, has agreed to be acquired by Green Mountain Coffee Roasters Inc. The $290-million, or $35-a-share, merger agreement ended a nearly two-month bidding war with rival Peet's Coffee & Tea Inc. The bidding war started last month with a $213-million stock and cash offer from Peet's, which dropped out Monday, leaving Green Mountain in a position to close the deal. Green Mountain will pay Peet's $8.5 million to terminate an earlier merger agreement with Diedrich.
BUSINESS
December 9, 2009 | By Jerry Hirsch
Diedrich Coffee Inc., the Irvine coffee wholesaler, has agreed to be acquired by Green Mountain Coffee Roasters Inc. The $290-million, or $35-a-share, merger agreement ended a nearly two-month bidding war with rival Peet's Coffee & Tea Inc. The bidding war started last month with a $213-million stock and cash offer from Peet's, which dropped out Monday, leaving Green Mountain in a position to close the deal. Green Mountain will pay Peet's $8.5 million to terminate an earlier merger agreement with Diedrich.
BUSINESS
November 3, 2009 | Bloomberg News
Irvine-based coffee roaster and distributor Diedrich Coffee Inc. has agreed to be acquired by Peet's Coffee & Tea Inc. for about $213 million in cash and stock. The Emeryville, Calif., gourmet coffee retailer, which announced the acquisition after the stock market closed Monday, valued the transaction at $26 for each Diedrich share. That's 28% above Diedrich's closing price Monday of $20.36 a share -- and more than 85 times the stock's low of 30 cents reached last December. In after-hours trading, Diedrich shares soared to more than $25 a share.
BUSINESS
December 8, 2009 | Bloomberg News
Green Mountain Coffee Roasters Inc. agreed to buy Diedrich Coffee Inc. for about $290 million in cash, trumping a competing offer by Peet's Coffee & Tea Inc. for the maker of single-serving coffee packets. Green Mountain, based in Waterbury, Vt., is offering Diedrich investors $35 a share, Diedrich said in a statement today. Chairman Paul Heeschen and executives owning more than 32% of Irvinea-based Diedrich's stock support Green Mountain's offer. The accord is set to end a bidding contest between Green Mountain and Peet's to secure the company's profitable K- Cup business.
BUSINESS
December 1, 2009 | Bloomberg News
Peet's Coffee & Tea Inc. raised its bid to buy Diedrich Coffee Inc., the maker of single-serve coffee packets, for the second time to $32.50 a share, topping the latest offer from Green Mountain Coffee Roasters Inc. Peet's boosted the cash portion of its bid to a range of $21.26 to $22.87, plus 0.321 share of its own stock, for each Diedrich share, the Emeryville, Calif.-based company said. The offer totals $32.50 a share at any price of Peet's stock from $30 to $35. Last week, Peet's offered as much as $32 a share, including $19.80 in cash, while Green Mountain raised its bid to $32 a share in cash, or $265 million.
BUSINESS
February 20, 1997 | DENISE GELLENE, TIMES STAFF WRITER
The soothing music, the warm wood paneling, the sleek black chairs, the smell of Italian roast--it feels like Starbucks. But it is Peet's Coffee & Tea, a Northern California specialty coffee roaster that spun off Starbucks in 1987 when the Seattle chain consisted of only six stores. Now Peet's has caught the expansion bug, opening a cafe in January in Pasadena, its first south of Santa Cruz.
BUSINESS
November 26, 2009 | Bloomberg News
Diedrich Coffee Inc. of Irvine said Green Mountain Coffee Roasters Inc.'s $265-million all-cash takeover offer was superior to a stock-and-cash bid from Peet's Coffee & Tea Inc. Peet's proposal to buy Diedrich reverted to the Nov. 2 offer of $26 a share, or about $213 million, after an improved bid of $30.35 a share, or about $251 million, expired Wednesday. Green Mountain, of Waterbury, Vt., raised its bid to $32 a share Tuesday, from $30. The companies are vying for Diedrich's K-Cup business, which makes single-serving coffee pods used in Green Mountain's Keurig brewing equipment.
BUSINESS
December 8, 2009 | By Jerry Hirsch
Green Mountain Coffee Roasters Inc. looks to have won a bidding war to buy Diedrich Coffee Inc., the Irvine coffee roaster. Rival bidder Peet's Coffee & Tea Inc. said Monday that it would not raise its bid for Diedrich. That leaves Green Mountain's all-cash offer of $290 million, or $35 a share. Just a year ago, Diedrich shares sold for 30 cents. Peet's started the bidding war last month with a $213-million stock and cash offer. It made its latest announcement after the stock market closed Monday.
BUSINESS
December 8, 2009 | By Jerry Hirsch
Green Mountain Coffee Roasters Inc. looks to have won a bidding war to buy Diedrich Coffee Inc., the Irvine coffee roaster. Rival bidder Peet's Coffee & Tea Inc. said Monday that it would not raise its bid for Diedrich. That leaves Green Mountain's all-cash offer of $290 million, or $35 a share. Just a year ago, Diedrich shares sold for 30 cents. Peet's started the bidding war last month with a $213-million stock and cash offer. It made its latest announcement after the stock market closed Monday.
BUSINESS
December 8, 2009 | Bloomberg News
Green Mountain Coffee Roasters Inc. agreed to buy Diedrich Coffee Inc. for about $290 million in cash, trumping a competing offer by Peet's Coffee & Tea Inc. for the maker of single-serving coffee packets. Green Mountain, based in Waterbury, Vt., is offering Diedrich investors $35 a share, Diedrich said in a statement today. Chairman Paul Heeschen and executives owning more than 32% of Irvinea-based Diedrich's stock support Green Mountain's offer. The accord is set to end a bidding contest between Green Mountain and Peet's to secure the company's profitable K- Cup business.
BUSINESS
December 1, 2009 | Bloomberg News
Peet's Coffee & Tea Inc. raised its bid to buy Diedrich Coffee Inc., the maker of single-serve coffee packets, for the second time to $32.50 a share, topping the latest offer from Green Mountain Coffee Roasters Inc. Peet's boosted the cash portion of its bid to a range of $21.26 to $22.87, plus 0.321 share of its own stock, for each Diedrich share, the Emeryville, Calif.-based company said. The offer totals $32.50 a share at any price of Peet's stock from $30 to $35. Last week, Peet's offered as much as $32 a share, including $19.80 in cash, while Green Mountain raised its bid to $32 a share in cash, or $265 million.
BUSINESS
November 26, 2009 | Bloomberg News
Diedrich Coffee Inc. of Irvine said Green Mountain Coffee Roasters Inc.'s $265-million all-cash takeover offer was superior to a stock-and-cash bid from Peet's Coffee & Tea Inc. Peet's proposal to buy Diedrich reverted to the Nov. 2 offer of $26 a share, or about $213 million, after an improved bid of $30.35 a share, or about $251 million, expired Wednesday. Green Mountain, of Waterbury, Vt., raised its bid to $32 a share Tuesday, from $30. The companies are vying for Diedrich's K-Cup business, which makes single-serving coffee pods used in Green Mountain's Keurig brewing equipment.
BUSINESS
November 3, 2009 | Bloomberg News
Irvine-based coffee roaster and distributor Diedrich Coffee Inc. has agreed to be acquired by Peet's Coffee & Tea Inc. for about $213 million in cash and stock. The Emeryville, Calif., gourmet coffee retailer, which announced the acquisition after the stock market closed Monday, valued the transaction at $26 for each Diedrich share. That's 28% above Diedrich's closing price Monday of $20.36 a share -- and more than 85 times the stock's low of 30 cents reached last December. In after-hours trading, Diedrich shares soared to more than $25 a share.
BUSINESS
February 20, 1997 | DENISE GELLENE, TIMES STAFF WRITER
The soothing music, the warm wood paneling, the sleek black chairs, the smell of Italian roast--it feels like Starbucks. But it is Peet's Coffee & Tea, a Northern California specialty coffee roaster that spun off Starbucks in 1987 when the Seattle chain consisted of only six stores. Now Peet's has caught the expansion bug, opening a cafe in January in Pasadena, its first south of Santa Cruz.
BUSINESS
October 11, 2012 | By Tiffany Hsu
The parent company of Tully's Coffee, the Seattle-based coffee cafe chain that isn't Starbucks, filed for Chapter 11 bankruptcy this week. TC Global Inc. said it would close an undisclosed number of its 175 stores in the process. Tully's has faced “significant challenges that were preventing the company from being profitable,” according to a statement . Though the filing was a “difficult decision,” TC Global said it was a necessary step in dealing with rising commodity prices and problematic leases.
BUSINESS
December 17, 2012 | By Tiffany Hsu
That's quite a caffeine high: Between Peet's Coffee & Tea and now Caribou Coffee Co., German conglomerate Joh. A. Benckiser will pay more than $1.3 billion this year for joe. On Monday, Benckiser said it will shell out $340 million for Minneapolis-based Caribou. In July, Benckiser  said  it would spend $974 million to buy Emeryville, Calif.-based Peet's. The German giant also controls makeup maker Coty and luxury goods company Labelux, which owns shoe brand Jimmy Choo. To acquire Caribou, an affiliate of Benckiser will pay $16 a share, a 30% premium to Caribou's closing price Friday of $12.32 a share.
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