Peet's extends Diedrich buyout offer
Emeryville, Calif. Peet’s Coffee & Tea has extended for a second time its offer to buy Irvine, Calif.-based coffee seller Diedrich Coffee in the hopes a rival buyout bid is derailed by regulators.
Peet’s said Monday its offer to acquire Diedrich for $265 million in cash and stock is being extended for another month.
The company made a similar move at the start of February.
Diedrich is in the process of being acquired for $290 million in cash by Vermont-based Green Mountain Coffee Roasters, which in December prevailed over Peet’s in a bidding war.
Peet's is keeping its offer alive in case Green Mountain’s buyout runs into regulatory issues.
In January, regulators asked Green Mountain and Diedrich for more details about the deal.
Green Mountain's offer to buy Diedrich is set to expire on March 8 and is likely to be extended.