Green Mountain Raises Bid to $35 a Share

This is crazy!

Green Mountain Coffee Roasters Inc. Wednesday raised its bid for Diedrich Coffee Inc. to $35 a share in cash, keeping up a bidding war between Green Mountain and Peet’s Coffee & Tea Inc. for the single-serve coffee brand.
Green Mountain, which had earlier offered to buy Diedrich for $32 a share in cash, said in a statement its new offer values Diedrich at about $290 million.
Peet’s, which on Tuesday raised its offer for Diedrich to $32.50 a share in cash and stock, said Wednesday in a statement that it believed its proposal remains superior and thinks there are “significant antitrust issues” associated with any Green Mountain proposal. “We will take the next few days to consider all our alternatives and, as always, take the action we deem to be in the best interests of Peet’s shareholders,” said Peet’s CEO Patrick O’Dea.

Posted by on December 2nd, 2009 at 9:13 am


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