Kendall Law Group Investigating Diedrich Coffee Inc. on Behalf of Shareholders
November 09 2009 - 11:35AM
Business Wire
Kendall Law Group, founded by a former federal judge, began an
investigation on behalf of Diedrich Coffee Inc. (NASDAQ: DDRX)
shareholders. The investigation concerns possible breaches of
fiduciary duty by the Board of Directors in connection with the
proposed acquisition by Peet’s Coffee & Tea, Inc. This is a
cash and stock transaction valued at approximately $213
million.
According to the agreement, Diedrich shareholders will receive
$17.33 in cash and 0.315 share of Peet’s stock, which is $8.67
based on the closing price of Peet’s on the last trading day before
the announcement. This provides shareholders approximately $26.00
for their Diedrich stock, while it traded at $31.34 as recently as
October 26, 2009.
Former federal judge Joe Kendall said, “the investigation
concerns whether the consideration to be paid to shareholders is
grossly unfair, inadequate, and substantially below the fair or
inherent value of Diedrich and whether the directors and special
committee members may have breached their fiduciary duties by not
acting in the shareholders’ best interests in connection with the
sale process.”
If you are a current holder of DDRX stock and would like
additional information concerning this proposed transaction,
including your shareholder rights, contact Hamilton Lindley at
877-744-3728 or by email at hlindley@kendalllawgroup.com.
Kendall Law Group has substantial experience representing
investors in mergers and acquisitions nationwide. Lawyers at the
firm include a former state and federal judge, a former United
States Attorney, and experienced securities lawyers.
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