Peet's Coffee & Tea Inc. (NASDAQ: PEET) reported Monday that it has extended the expiration date of its exchange offer to acquire Diedrich Coffee Inc. (NASDAQ: DDRX) for a combination of cash and stock valued at $26.00 a share, according to Reuters.
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On Jan. 13, Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR), which trumped Peet's offer with its cash offer of $35 a share, said it received requests for additional information from the U.S. Federal Trade Commission (FTC) relating to the deal.
Peet's plans to extend its tender offer for shares of Diedrich by 30 days, according to Reuters.
Peet's decided that it should offer Diedrich shareholders the option to tender their shares to Peet's as it awaits regulatory approval.
The exchange offer, which expired on Jan. 29 at midnight, is now scheduled to expire on March 1 at midnight, unless extended, Peet's said in a statement.
Except for the extension of the exchange offer expiration date, all other terms and conditions of the offer remain unchanged, the company added.
About 16,007 shares of Diedrich common stock had been tendered into and not withdrawn from Peet's offer, as of Friday close. Shares of Peet's Coffee closed at $32.70 Friday on Nasdaq.
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