Notable Mergers and Acquisitions of the Day 02/08: RRC/EVEP, TUC, GMCR/DDRX

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Range Resources Corp. (NYSE: RRC) today announced that it has signed a definitive agreement with EV Energy Partners, L.P. (NASDAQ: EVEP) and certain institutional partnerships managed by EnerVest, Ltd. to sell its tight gas sand properties in Ohio for a purchase price of $330 million. The sale is expected to close in late March and is subject to customary closing conditions and purchase price adjustments.

Several years ago, Range began to sell non-core properties with the goal of providing additional capital for its higher return projects. In addition, by divesting of its more mature properties, Range strengthens its low-cost structure and focuses its operations. As part of its asset divestiture process, in the second quarter of 2009, Range sold its Fuhrman Mascho Field properties in West Texas for approximately $182 million of proceeds.

The Ohio properties include approximately 3,300 producing wells with net production of approximately 25 Mmcfe per day. Current production is 70% natural gas and 30% oil. The properties include approximately 418,000 net acres of leasehold and about 1,600 miles of pipeline and gathering system infrastructure.

Commenting on the announcement, John Pinkerton, Range's Chairman and CEO, said, "The sale of the Ohio properties will help streamline our business and provide additional flexibility in implementing our 2010 capital spending program. Importantly, we are well positioned to deliver another year of double-digit production and reserve growth on a per share basis, while maintaining our strong financial position."
Danby Products, one of the largest appliance marketing companies in North America, today announced that it has acquired MicroFridge (Intirion Corporation) from Mac-Gray Corporation (NYSE: TUC).

MicroFridge sells a proprietary line of appliances for small space living environments, primarily combination refrigerators/freezers/microwave ovens utilizing its Safe Plug® circuitry. The products are marketed throughout the United States to colleges, hotels and motels, and assisted living facilities, as well as to the federal government for military housing.

"MicroFridge represents a natural complement to our extensive line-up of compact, specialty and home comfort appliances," said James E. Lightfoot, President of Danby Products. "Traditionally, our strength lies in offering innovative products that match consumers' lifestyles and are sold in retail markets in the United States and Canada. This acquisition enables us to increase our penetration of U.S. wholesale markets where MicroFridge is an established brand and recognized leader, including the academic, government, hospitality and office sectors."

"Danby and MicroFridge are a great fit, because Danby is a well-respected company and one of the leading appliance suppliers in North America," said Stewart G. MacDonald, Chief Executive Officer of Mac-Gray. "We are confident that MicroFridge employees and customers will be well-served in their relationship with Danby going forward."

"In joining the Danby family, MicroFridge employees will be joining a peer company with more than 60 years of experience in the household appliance market," said Lightfoot. "MicroFridge customers can rest assured that the integration with Danby will be seamless, with no disruptions in service. Customers will continue to work with the same MicroFridge sales representatives they have come to know and trust."

Danby intends to maintain the MicroFridge brand, retain all current MicroFridge employees and maintain the corporate office at the MicroFridge facility in Walpole, Mass.
Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR) ("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) ("Diedrich Coffee"). 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, March 8, 2010, unless further extended. The tender offer previously was scheduled to expire at midnight, New York City time, on Friday, February 5, 2010. All other terms and conditions of the tender offer remain unchanged.

As of 4:30 p.m., New York City time, on February 5, 2010, approximately 2,315,947 shares have been tendered into the tender offer and not withdrawn.

BofA Merrill Lynch is serving as financial advisor to GMCR on this transaction and Ropes & Gray LLP is serving as its legal advisor.