The Coffee Wars, Begun They Have

This is pretty cool. There’s an old-fashioned bidding war going on in, of all things…the coffee sector!
First, Peet’s Coffee & Tea (PEET) offered to buy little Diedrich Coffee (DDRX) for $26 a share. That was a 28% premium for Diedrich.
This morning, Green Mountain Coffee Roasters (GMCR) confirmed that it’s offered $30 a share for Diedrich. You may recall that I recently highlighted GMCR as the top-performing stock of the decade (up 7,895.4%).
Peet’s has now has raised its bid to $32 a share.
Will Green Mountain respond? Apparently someone thinks so. Shares of Diedrich are currently around $33.50.
Oh…one more thing. Eight months ago you could have picked up Diedrich for — are you ready? — 21 cents a share.

Posted by on November 23rd, 2009 at 2:15 pm

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