November 27, 2009 (FinancialWire) Diedrich Coffee, Inc. (NASDAQ: DDRX) said it will extend the period that Peets Coffee & Tea, Inc. (NASDAQ: PEET) has to negotiate a proposal with Diedrich Coffee to amend its current merger agreement in light of a superior offer from Green Mountain Coffee Roasters that was submitted November 25.
In a press release issued on the 25th, the Diedrich board said it had determined that the recently revised offer from GMCR continues to be a superior proposal to the terms of the merger agreement with Peets, and that Peets had until 5: 00 p.m. Pacific Time on November 27 to negotiate a proposal with Diedrich Coffee to amend the current merger agreement.
Diedrich said that Green Mountains all-cash $265 million offer, equal to $32 per share, was superior to an offer from Peets Coffee for $19.80 in cash and 0.321 of one share of Peets common stock for each share of Diedrich common stock.
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