Diedrich Coffee Inc. Completes Acquisition

(Dow Jones)

Diedrich Coffee Inc., moving to secure the No. 2 ranking behind industry giant Starbucks Corp., said it has completed its acquisition of Coffee People Inc. for $23 million cash and 1.5 million shares of Diedrich stock.

Second Cup Ltd., which owned 70% of Coffee People, received cash and a stake of about 8.5%, or about 1 million shares, in Diedrich Coffee. Second Cup's President and Chief Executive Randy Powell became a director of Irvine-based Diedrich Coffee, boosting the size of the board to seven from six.

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