Diedrich Plans Stock Offer to Finance Merger
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Diedrich Coffee Inc. plans to offer 4.6 million shares of common stock to help finance its acquisition of Coffee People Inc., based in Castroville, Calif., according to regulatory documents.
Coffee People, which owns the Coffee People and Coffee Plantation chains of coffeehouses in Oregon and Arizona and the 281-outlet Gloria Jean’s coffee retaining chain in shopping centers throughout the United Sates and in seven foreign countries, would end up with a 10% to 13% stake in Diedrich.
Irvine-based Diedrich said it granted the underwriters an over-allotment option of 690,000 shares.
Diedrich’s shares closed Tuesday at $6.38, down 38 cents, on the Nasdaq market.
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