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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 edelfenbein at November 23, 2009 2:15 PM