Peet's Coffee & Tea Inc. has raised its offer for Diedrich Coffee Inc. $265 million after Green Mountain Coffee Roasters Inc. proposed a bid that was higher than Peet's initial offer. The Wall Street Journalreports that Peet's is confident Diedrich Coffee will accept its new offer.
In the new proposal, Peet's would pay a combination of $19.80 a share in cash and 0.321 share of Peet's for each share of Diedrich common stock. Green Mountain's offer is all cash.
"We are confident that the Diedrich board will find our revised proposal to be superior for Diedrich's shareholders," Peet's Chief Executive Patrick O'Dea said Monday.
Bloombergreports that the acquisition will give Peet's Diedrich's license to make single-serving K-Cup brand coffee packets. Bloomberg says Green Mountain has been buying up the K-Cup licenses.
Peet's Coffee & Tea Inc. has raised its offer for Diedrich Coffee Inc. $265 million after Green Mountain Coffee Roasters Inc. proposed a bid that was higher than Peet's initial offer. The Wall Street Journal 
