EMERYVILLE, Calif. (AP) -- Peet's Coffee & Tea said Monday it is extending the expiration date to acquire coffee wholesaler Diedrich Coffee Inc.
It is competing with Green Mountain Coffee Roasters for Diedrich, however.
Green Mountain has offered $35 per share, a higher offer than Peet's. Peet's offered to purchase all outstanding shares of Diedrich for a combination of cash and stock valued at $26 per share.
That values the deal at about $148.9 million, since the company had about 5.7 million shares outstanding as of Dec. 9, according to a filing with the Securities and Exchange commission.
But Green Mountain's offer could run into regulatory difficulties. Last month antitrust authorities requested more information about the deal.
So far, only about 16,007 shares have been tendered to Peet's and not withdrawn. The offer was set to expire on Friday, but that has been extended to March 1.
Shares of Peet's Coffee & Tea Inc. fell 35 cents to $32.35 during midday trading.
Diedrich's shares rose 3 cents to $34.63.
Green Mountain shares fell $1.74, or 2 percent, to $83.08. The stock has traded between $23.73 and $88.65 over the past year.
