Coffee City
Melissa Allison follows the world's biggest coffee-shop chain and other Seattle caffeine purveyors.
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Bidding war escalates: Peet's Coffee, Green Mountain each willing to pay $265M for Diedrich Coffee
Posted by Melissa Allison
Green Mountain Coffee Roasters raised its bid today to match Peet's Coffee & Tea's defensive $265 million offer yesterday, AP reports. They're at $32 a share now, up from Peet's offer of $26 earlier this month.
They're vying for Diedrich Coffee's K-cup business, an increasingly popular technology that has been a gold mine for Green Mountain. K-cups are single-serve coffee grounds in small plastic cups that people insert into special machines for fresh-made coffee by the cup.
Seattle-based Tully's Coffee was in the K-cup business until Green Mountain bought its wholesale operations for $40.3 million earlier this year. Green Mountain opens its new roasting plant in Sumner next week.
Starbucks does not make K-cups. It's opted instead to gradually move into the T-disc business, a similar technology through a partnership with Kraft.
Irvine-based Diedrich's brands include Gloria Jean's and Coffee People.
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