With the extended expiration date passing on January 29, 2010, Peet’s has announced they will extend their offer to purchase Diedrich Coffee to March 1, 2010. The previous expiration date was December 15, 2009. The original stock merger announcement was November 22, 2009 when Green Mountain Coffee Roaster’s, Inc. had a superior offer to purchase Diedrich. GMCR had offered $35.00 per share in cash to Peet’s original offer of $32.50 per share in cash and stock.
The merger of the two companies would enhance competition in the K-Cup single serve market. Peet’s felt that the GMRC bid would face antitrust issues.
The tender offer consists of a cash and stock exchange valued at $26.00 per share, the original offer price from Peet’s. The offer commenced on November 17, 2009, all other terms of the deal remain intact. Approximately 16,007 shares of Diedrich common stock has been tendered as of this date.
HSR, the Hart-Scott-Rodino Antitrust Improvements Act, expired on December 14, 2009.
Cooley Godward Kronish LLP is acting as Peet’s legal team, Simpson Thatcher & Bartlett LLP are advising on antitrust issues. Morgan Stanley and Jesse Capital management are their financial advisors.
Peet’s has filed a Form S-4 and a tender offer statement on Schedule TO with the SEC. Diedrich has filed on Schedule 14D-9.