December 9, 2009 |
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.
December 1, 2009 |
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.
February 20, 1997 |
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.
November 26, 2009 |
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.
December 8, 2009 |
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.
November 3, 2009 |
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.