Business Briefing
Coffee deal scrutinized by regulators
Green Mountain Coffee Roasters Inc. said antitrust authorities had requested more information about its proposed acquisition of Diedrich Coffee Inc.
Green Mountain and coffee roaster and wholesaler Diedrich said they intended to respond promptly to the second request for information from the Federal Trade Commission. The companies expect to complete the $35-a-share buyout this year.
The offer to acquire Irvine-based Diedrich is to expire Feb. 5, but Green Mountain said it would extend that if necessary to comply with the government’s inquiry.
Panel subpoenas Geithner e-mails
A House committee probing bailout deals has subpoenaed the Federal Reserve Bank of New York for correspondence from Treasury Secretary Timothy F. Geithner and others.
The House Oversight and Government Affairs Committee is examining New York Fed decisions that funneled billions of dollars to big banks including Goldman Sachs Group Inc. and Morgan Stanley.
Geithner was president of the New York Fed at the time. He approved decisions involving the bailout of insurer American International Group Inc., according to an earlier watchdog audit.
Committee Chairman Edolphus Towns (D-N.Y.) has criticized the deals’ secrecy and called for Geithner to testify at a hearing this month. It is unclear whether he will appear.
FOOD
Hershey crafting own Cadbury bid
Hershey Co. is assembling a bid to acquire British candy maker Cadbury without the help of Italian candy maker Ferrero International, a person familiar with Hershey’s plans said.
Hershey has been working on two bids for Cadbury -- one with Ferrero and one on its own. But Ferrero reportedly has withdrawn.
Hershey is still crafting its own bid, hoping to top the $16.5-billion hostile offer from Kraft Foods Inc., the person said.
REAL ESTATE
Zillow considers IPO for 2011
Zillow Inc., the second-largest U.S. real estate listing website by users, wants to go public in 2011 and will start courting investors to boost its valuation, Chief Operating Officer Spencer Rascoff said.
“We’re not a 2010 IPO candidate, but hopefully we’re a 2011 IPO candidate,” Rascoff said.
Zillow’s challenge is that real estate sites such as Move Inc.’s Realtor.com, the No. 1 site, have low valuations, he said. Zillow, based in Seattle, plans a series of presentations to persuade investors that it should be priced like leaders in other Web markets.
RETAIL
Zale CEO, other executives out
Jeweler Zale Corp. said Chief Executive Neal Goldberg and other executives have left the company.
President Theo Killion will now also serve as interim CEO. The company, based in Irving, Texas, did not give a reason for the changes but said they would “help facilitate renewed focus on Zale’s core diamond business.”
TECHNOLOGY
Worldwide PC shipments up 15%
Global personal computer shipments rose more than expected in the fourth quarter, led by demand from U.S. consumers for low-priced portable machines, according to research firm IDC.
Worldwide PC shipments increased 15%, while the U.S. gained 24%, Framingham, Mass.-based IDC said.
-- times wire reports
