Monday, specialty coffee maker Peet's Coffee & Tea, Inc. (PEET) said it has extended the expiration date of its exchange offer to acquire Diedrich Coffee, Inc. (DDRX) for a combination of cash and stock valued at $26 per share. This is the second time that Peet's Coffee extending its offer to acquire Diedrich.
The latest deadline for the deal that commenced on November 17, 2009 was at midnight of March 1, 2010. The company had extended a previous deadline of January 29, 2010. Peet's Coffee said except the extension of the exchange offer expiration date, all other terms and conditions of its present offer remain unchanged.
Peet's Coffee's effort to acquire Diedrich has been going on for a month now, with Peet's Coffee saying on December 8, 2009 that it wouldn't increase its bid anymore. Peet's Coffee's earlier offer to acquire Diedrich at $32.50 per share has now expired. Another specialty coffee maker Green Mountain Coffee Roasters Inc. (GMCR) is also trying to acquire Diedrich but has put up a higher offer of $35 per share in cash.
However, Peet's Coffee has put its hopes on the U.S. Federal Trade Commission, which is currently looking into the acquisition offer by Green Mountain for possible antitrust issues. The commission had sought additional information on the deal from Green Mountain and Diedrich on January 13, 2010 during its review.
The fight between Peet's Coffee and Green Mountain is for Diedrich's license to produce single-serve coffee pods, a form of pre-packed ground coffee beans in its own filter. Diedrich's coffee pods, called K-Cups, are used in coffee makers made by Keurig Inc., a company that was acquired by Green Mountain in 2006.
Peet's Coffee also revealed on Monday that 16,007 shares of Diedrich common stock had been tendered as of the close of business on Friday, January 29, 2010 and not withdrawn from the offer. Earlier, on January 8, 2010, Green Mountain said that the Board of Directors of Diedrich recommended shareholders to tender their shares to its offer and that 1.25 million shares have already been tendered and not withdrawn.
On Monday's morning session, PEET is losing $0.23 or 0.70%, and is currently trading at $32.47 on a volume of 13 thousand shares on Nasdaq.
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