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Green Mountain extends offer to buy Diedrich stock

Green Mountain Coffee Roasters Inc. said Friday it will extend a deadline to buy all the outstanding shares of Diedrich Coffee Inc., a coffee roaster and wholesaler that also had been courted by Peet's.
/ Source: The Associated Press

Green Mountain Coffee Roasters Inc. said Friday it will extend a deadline to buy all the outstanding shares of Diedrich Coffee Inc., a coffee roaster and wholesaler that also had been courted by Peet's.

Green Mountain first made its tender offer to buy all Diedrich's outstanding common shares for about $290 million in cash, or $35 a share, early last month. That offer was scheduled to expire Monday, but the latest announcement extends the deadline for 20 days to Feb. 5. The terms of the offer remain the same.

As of Jan. 8, Diedrich shareholders have tendered and not withdrawn about 1.26 million shares. Diedrich's board has recommended that its shareholders tender their stock.

In its announcement last month, Green Mountain had edged out Peet's Coffee and Tea and paid a $8.5 million termination fee to Peet's, which had agreed to buy Diedrich before Green Mountain stepped in.

Diedrich is based in Irvine, Calif. Green Mountain is in Waterbury, Vt.

Green Mountain shares fell 13 cents to $81.72 in after-hours trading Friday after closing regular trading up 27 cents at $81.85.