Peet's Coffee & Tea (PEET) announced after the close Monday that it agreed to acquire Diedrich Coffee Inc. (DDRX) for $26.00 per share. The cash-and-stock transaction is valued at approximately $213 million.
Peet's Coffee & Tea rose sharply during the first half hour of trade Tuesday, but settled into a range for the remainder of the day. Shares finished up by $3.88 at $38.44 on the highest volume of the year. The stock has been rising steadily over the last week and closed at its fifth consecutive new high for the year.
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