Industry News | December 15, 2009

Peet's Extends Waiting Period of Diedrich Deal

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The mandatory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 pertaining to Peet’s Coffee & Tea, Inc.'s (NASDAQ: PEET - News) exchange offer to acquire Diedrich Coffee, Inc. (NASDAQ: DDRX - News) expired yesterday.

Peet’s extended the expiration date of its exchange offer to acquire Diedrich for a combination of cash and stock valued at $26.00 per share. The exchange offer, which commenced on November 17, 2009, is now scheduled to expire midnight (one minute after 11:59 p.m.), Eastern Time, on Friday, January 29, 2010 unless extended. The exchange offer was previously scheduled to expire at midnight, Eastern Time, on Tuesday, December 15, 2009.

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on Monday, December 14, 2009, approximately 5,126 shares of Diedrich common stock had been tendered into and not withdrawn from the offer.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.

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