| Peet’s Coffee & Tea (PEET) announced that it delivered to the board of directors of Diedrich Coffee(DDRX) on Sunday, November 22 a proposal to enhance its previously announced offer to acquire Diedrich. Peet’s revised proposal is a cash-and-stock offer valued at $32.00 per share, or a total value of approximately $265M, based on Peet’s closing stock price of $38.00 on Friday, November 20. Peet’s enhanced its proposal in response to notification from Diedrich that it had received a competing offer from Green Mountain Coffee Roaster (GMCR) for $30.00 per share in cash. Diedrich’s board of directors concluded on November 20, 2009 that Green Mountain’s offer was superior to the original Peet’s proposal of $26.00 per share in cash and stock. :theflyonthewall.com |
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