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Peet's Coffee & Tea, Inc. (PEET) and Diedrich Coffee, Inc. (DDRX) have entered into a definitive agreement under which Peet's will acquire Diedrich in a cash-and-stock transaction valued at $26.00 per share or a total value of approximately $213 million.
Upon completion, the transaction will provide Diedrich shareholders with cash, as well as the opportunity for continued ownership of an interest in the combined company through the stock component of the purchase price. The acquisition is structured as a two-step transaction consisting of an exchange offer for all of the outstanding shares of Diedrich common stock followed by a merger of a Peet's subsidiary into Diedrich. For each share of Diedrich common stock tendered and accepted in the exchange offer or converted in the merger, Peet's will pay a combination of $17.33 in cash and a fraction of a share of Peet's common stock having a value (based on the trading price of Peet's common stock over a designated period prior to the completion of the exchange offer) of approximately $8.67, but such fraction will not exceed 0.315 of a share of Peet's common stock. Outstanding warrants and options to acquire Diedrich common stock will also be converted into the right to receive a combination of cash and shares of Peet's common stock. Upon completion of the second-step merger, Diedrich will become a wholly-owned subsidiary of Peet's. Mr. Heeschen and other directors and executive officers of Diedrich have signed stockholder agreements in favor of Peet's committing to tender into the exchange offer shares of Diedrich common stock representing in excess of 32% of the total outstanding common stock of Diedrich.
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