Today’s must-read: Peet’s loses bidding war for Diedrich Coffee
If you haven’t been following it, Peet’s Coffee & Tea just reached the end of a month-long bidding war for Diedrich Coffee. (They lost.) Peet’s had announced in November that they planned to buy Diedrich, maker of the K-Cup single cup brewing system, in a $213 million cash and stock deal. But then the folks at Green Mountain stepped in with a better offer.
So if corporate intrigue’s your thing, you can get the story at the L.A. Times (and I’m trying not to be too bitter about them thinking that Peet’s is based in Emeryville). And if you’re interested in getting down to the nitty gritty (legal agreements! $8.5 million breakup fee!), check out this blog entry on the whole Peet’s thing in the New York Times.