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Green Mountain Offers $290 Million to Diedrich
The war for K-Cups still continues. Green Mountain raised their earlier offer of $265 million to $290 million for Diedrich. Diedrich is the common interest for the bidding war going on between Emeryville based coffeehouse operator Peet’s Coffee & Tea Inc. and Vermont based Green Mountain
Coffee Roasters Inc.
Diedrich showed its liking towards Green Mountain’s new offer of $290 million. Peet’s Coffee & Tea Inc. has been given time till Monday to reconsider their offer of $265.2 million. Based on reports Peet’s Coffee & Tea Inc. said that the stock and cash offer proposed by them was exceptional and above others. They have also agreed on considering other alternatives in the given period.
Diedrich is witnessing this bidding war for the past two weeks. It all started with Peet’s initial offer of $213 million in cash and stock, later a $247 million cash offer was made by Green Mountain. Since then the cash offer is going up and up. Both Green Mountain and Peet’s are keen to acquire Diedrich as it has a license to make K-Cups. They also sell a new type of single brewing cup that has become a hit formula for companies to lower down the cost of coffee.