Diedrich Coffee to Extend Deadline for Response From Peet's Coffee & Tea
November 25 2009 - 7:30PM
PR Newswire (US)
IRVINE, Calif., Nov. 25 /PRNewswire-FirstCall/ -- Diedrich Coffee,
Inc. (NASDAQ:DDRX) announced today that it will extend the period
that Peet's Coffee & Tea, Inc. (NASDAQ:PEET) has to negotiate a
proposal with Diedrich Coffee to amend the current merger agreement
and the offer contemplated thereby in a manner that Diedrich
Coffee's Board of Directors determines is at least as favorable to
Diedrich Coffee's stockholders as the revised offer of Green
Mountain Coffee Roasters, Inc. (NASDAQ:GMCR) until 5:00 p.m.
Pacific Time on Monday, November 30, 2009. In a press release
issued earlier today that its Board of Directors had determined
that the recently revised offer from GMCR continues to be a
superior proposal to the terms of the merger agreement with Peet's,
Diedrich Coffee announced that Peet's had until 5:00 p.m. Pacific
Time on Friday, November 27, 2009, to negotiate a proposal with
Diedrich Coffee to amend the current merger agreement. In a later
press release issued by Peet's, Peet's indicated that it interprets
the relevant provisions of the merger agreement differently in that
Peet's believes that it has until 5:00 p.m. Pacific Time on Monday,
November 30, 2009 to negotiate a proposal with Diedrich Coffee to
amend the current merger agreement. In the interest of ensuring the
best possible outcome for the stockholders of Diedrich Coffee, the
Board of Directors of Diedrich Coffee has decided not to debate
interpretations of the merger agreement but will extend the
relevant period to 5:00 p.m. Pacific Time on Monday, November 30,
2009. About Diedrich Coffee Diedrich Coffee specializes in
sourcing, roasting and selling the world's highest quality coffees.
The company markets its three leading brands of specialty coffees,
Diedrich Coffee, Coffee People and Gloria Jean's Coffees, through
office coffee service distributors, restaurants and specialty
retailers, and via the company's web stores. Diedrich Coffee is one
of only four roasters under license to produce K-Cups for Keurig
Incorporated's top-selling single-cup brewing system. For more
information about Diedrich Coffee, call 800-354-5282, or go to
http://www.diedrich.com/, http://www.coffeepeople.com/ or
http://www.coffeeteastore.com/. Forward Looking Statements
Statements in this news release that relate to future plans,
financial results or projections, events or performance are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and fall under the
safe harbor. Actual results and financial position could differ
materially from those anticipated in the forward-looking statements
as a result of a number of factors, including, but not limited to,
the financial and operating performance of Diedrich Coffee's
wholesale operations, the company's ability to maintain
profitability over time, the successful execution of the company's
growth strategies, the impact of competition, the availability of
working capital, and other risks and uncertainties described in
detail under "Risk Factors and Trends Affecting Diedrich Coffee and
its Business" in the company's annual report on Form 10-K for the
fiscal year ended June 24, 2009 and other reports filed with the
Securities and Exchange Commission. Except where required by law,
the company does not undertake an obligation to revise or update
any forward-looking statements, whether as a result of new
information, future events or changed circumstances. Additional
Information and Where To Find It Stockholders of Diedrich Coffee
are urged to read the relevant tender offer documents because they
contain important information that stockholders should consider
before making any decision regarding tendering their shares. Peet's
Coffee & Tea and its acquisition subsidiary have filed tender
offer materials with the SEC, and Diedrich Coffee has filed a
Solicitation/Recommendation Statement with respect to the tender
offer. The tender offer materials (including a Registration
Statement, an Offer to Purchase, a related Letter of Transmittal
and certain other offer documents) and the
Solicitation/Recommendation Statement contain important
information, which should be read carefully before any decision is
made with respect to the tender offer. The Registration Statement,
Offer to Purchase, the related Letter of Transmittal and certain
other offer documents, as well as the Solicitation/Recommendation
Statement, are available to all stockholders of Diedrich Coffee at
no expense to them. The tender offer materials and the
Solicitation/Recommendation Statement are available free of charge
at the SEC's website at http://www.sec.gov/. In addition,
stockholders are able to obtain a free copy of these documents from
Diedrich Coffee by mailing requests for such materials to: Diedrich
Coffee, Inc., Office of Investor Relations, 28 Executive Park,
Suite 200, Irvine, CA 92614. In addition to the tender offer
materials described above, Diedrich Coffee and Peet's file annual,
quarterly and special reports, proxy statements and other
information with the SEC. You may read and copy any reports,
statements or other information filed by Diedrich Coffee or Peet's
at the SEC public reference room at 100 F Street, N.E., Washington,
D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further
information on the public reference room. Diedrich Coffee's and
Peet's filings with the SEC are also available to the public from
commercial document-retrieval services and at the website
maintained by the SEC at http://www.sec.gov/. Diedrich Coffee
Investor Relations: Scott Liolios or Cody Slach Liolios Group, Inc.
Tel 949-574-3860 DATASOURCE: Diedrich Coffee, Inc. CONTACT:
Diedrich Coffee Investor Relations, Scott Liolios or Cody Slach,
both of Liolios Group, Inc., +1-949-574-3860, Web Site:
http://www.diedrich.com/
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