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Article: Peet's, Diedrich Coffee Companies Merge.(News)
- Article from:
- Mergers & Acquisitions Report
- Article date:
- November 9, 2009
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Byline: Jonathan Marino
Peet's Coffee & Tea will buy Diedrich Coffee in an all-stock deal.
Clearly, the coffee has some kick--news of the merger sent both companies' shares up in morning trading; Diedrich traded up yesterday as well while Peet's shares slipped about five percent.
The deal is valued at $213 million, with Diedrich being bought at $26 per share. Peet's is entering the growing single-up space that has proven valuable to brewers and specialty companies.
Earlier this year, California-based Diedrich dumped its retail franchise business to Praise International North American Inc., an affiliate of Gloria Jean's Coffees, for a ...