Industry News | March 1, 2010

Peet's, Diedrich Deal Changes Again

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Peet's Coffee & Tea, Inc. (NASDAQ: PEET - News) announced today that it has extended the expiration date of its exchange offer to acquire Diedrich Coffee, Inc. (NASDAQ: DDRX - News) for a combination of cash and stock valued at $26.00 per share.

The exchange offer, which commenced on November 17, 2009, is scheduled to expire at midnight (one minute after 11:59 p.m.), Eastern Time, on Friday, April 2, 2010 unless extended. The exchange offer was previously scheduled to expire at midnight (one minute after 11:59 p.m.), Eastern Time, on Monday, March 1, 2010.

Except for the extension of the exchange offer expiration date, all other terms and conditions of the offer remain unchanged. As of the close of business on Friday, February 26, 2010, approximately 15,621 shares of Diedrich common stock had been tendered into and not withdrawn from the offer.

Cooley Godward Kronish LLP is acting as Peet's legal advisor; Simpson Thacher & Bartlett LLP is acting as legal advisor on antitrust matters. Morgan Stanley and Jesse Capital Management are serving as financial advisors.