Green Mountain Brews Up Bid War For Diedrich Coffee

A bidding war is brewing for Diedrich Coffee Inc. ( DDRX) with competitors vying for control of the single-serve coffee brand.

Peet's Coffee & Tea Inc. (PEET) on Monday raised its earlier $26 a share offer for Diedrich to $32 a share in cash and stock, or $265 million, after Green Mountain Coffee Roasters Inc. (GMCR) said it proposed buying the company for $30 a share in cash. Diedrich's board is now reviewing both proposals.

Diedrich shares rallied 26.6% to $32.91 in recent trading on word of the competing bid, while Peet's shares fell $3.98, or 10.5%, in recent trading to $ 34.02. Green Mountain shares were down 49 cents, or 0.3%, at $64.69.

Read Full Article from CNNMoney.com

- Posted: 2009-11-23 15:09:29

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