Green Mountain (GMCR) Extends Tender Offer for Diedrich Coffee (DDRX)
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Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR) today announced that Pebbles Acquisition Sub, Inc. (“Purchaser”), a wholly owned subsidiary of GMCR, has extended its previously announced $35.00 per share cash tender offer to purchase all outstanding shares of common stock of Diedrich Coffee, Inc. (NASDAQ: DDRX). In accordance with the terms of the merger agreement among GMCR, Purchaser and Diedrich Coffee, the tender offer has been extended 20 business days (the maximum number of days permitted under the merger agreement) to expire at midnight, New York City time, on Monday, May 3, 2010, unless further extended. The tender offer previously was scheduled to expire at midnight, New York City time, on Monday, April 5, 2010. All other terms and conditions of the tender offer remain unchanged.
As of 5:30 p.m., New York City time, on April 5, 2010, approximately 2,774,393 shares have been tendered into the tender offer and not withdrawn. The tender offer is subject to customary closing conditions, including, among other things, regulatory approvals. The Board of Directors of Diedrich Coffee has recommended that Diedrich Coffee stockholders tender their shares into the tender offer.
BofA Merrill Lynch is serving as financial advisor to GMCR on this transaction and Ropes & Gray LLP is serving as its legal advisor.
As of 5:30 p.m., New York City time, on April 5, 2010, approximately 2,774,393 shares have been tendered into the tender offer and not withdrawn. The tender offer is subject to customary closing conditions, including, among other things, regulatory approvals. The Board of Directors of Diedrich Coffee has recommended that Diedrich Coffee stockholders tender their shares into the tender offer.
BofA Merrill Lynch is serving as financial advisor to GMCR on this transaction and Ropes & Gray LLP is serving as its legal advisor.
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