Diedrich Coffee to consider Green Mountain's revised all-cash offer

By Lisa Kerner

Charlotte, N.C., Nov. 24 - Diedrich Coffee, Inc. said it is considering Green Mountain Roasters, Inc.'s revised acquisition offer of $32.00 per share in cash.

Green Mountain increased its offer for Diedrich by $2.00 per share after Peet's Coffee & Tea, Inc. raised its offer to $19.80 in cash plus 0.321 of a share of Peet's common stock for each Diedrich share.

Peet's said its latest offer is valued at $30.41 per share based on Peet's closing stock price on Monday.

Diedrich had determined that Green Mountain's original offer was superior to Diedrich's agreement with Peet's.

Peet's originally offered to buy Diedrich for $26.00 per share in cash and stock.

Under its agreement with Diedrich, Peet's has until 2 p.m. ET on Friday to negotiate with Diedrich.

Based in Irvine, Calif., Diedrich is a specialty coffee roaster, wholesaler and retailer. The company is being advised by Houlihan, Lokey, Howard & Zukin Capital, Inc.

Green Mountain is a Waterbury, Vt.-based specialty coffee company.

Peet's is an Emeryville, Calif., specialty coffee and tea company.

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