Market Features

Green Mountain Takes Lead in Coffee War

Stock quotes in this article: PEET , GMCR , DDRX  

IRVINE, Calif. (TheStreet) -- It looks like Green Mountain Coffee Roasters(GMCR Quote) is beating Peet's Coffee & Tea(PEET Quote) in the battle for Diedrich Coffee(DDRX Quote).

Coffee wholesaler Diedrich Coffee announced on Wednesday that Green Mountain's $265 million all-cash offer, which comes to $32 a share, trumps Peet's revised cash and stock bid of $265 million, or $32 a share.

Diedrich's board said the value of Peet's bid can fluctuate based on its own stock price. Based on Tuesday's closing stock price, Diedrich valued the Peet's offer at $30.35 per share.

Green Mountain purchased another K-Cup licensee earlier this month for $157 million. If it acquires Diedrich, this would give them approximately 85% control of K-Cup sales.

Peet has until Monday afternoon to submit a better offer.

-- Reported by Jeanine Poggi in New York

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