Patrick Dempsey Challenged: Rival Bidders Contest Tully’s Coffee Sale
Other bidders interested in acquiring Tully’s Coffee have contested the sale of the business to television star Patrick Dempsey.
The actor’s investment company Global Baristas recently purchased the Seattle coffee chain for around $9 million. According to The Associated Press, one of the bidders interested in acquiring Tully’s for itself filed an objection to the transaction on Wednesday.
AgriNurture Inc. had reportedly joined forces with Starbucks to buy the struggling business for $10.6 million. Dempsey’s offer for the company was $9.2 million. The objection essentially challenged the offer put up by Global Baristas.
Since AgriNurture already operates some Tully’s franchises in Asia, the company feels it has the ailing coffee business’ best interests at heart. Dempsey feels that his offer was the “highest and best” one on the table. The sale will head to court this Friday.
The Puget Sound Business Journal explains that AgriNurture isn’t the only company that’s challenging Patrick Dempsey’s bid to acquire Tully’s Coffee. Neon T Coffee Shops LLC said the auction was a little confusing, adding that Tully’s owner Green Mountain Coffee Roasters changed the rules during the process.
The website explained:
“The higher bid lost, according to the filing, because advisers for Tully’s and its creditors said they would not consider joint bids. The reason: Green Mountain Roasters, which owns Tully’s brand, would not assign the license for the brand to joint purchasers. Neon T complained that amounted to changing the rules during the proceeding.”
Dempsey, meanwhile, seems confident that his company will emerge victorious from the sale. After winning the auction, the actor told E! News:
“I’m thrilled that we won and I’m even more excited about saving Tully’s coffee and its hundreds of jobs. Tully’s is a great company with committed employees, and with its base in Seattle, one of the world’s greatest cities, I’m confident we will be able to successfully build the brand and grow the economy.”
What do you think about Patrick Dempsey’s offer for Tully’s Coffee being challenged by rival bidders?