US: Big Red Holdings makes Jones Soda takeover offer
Jones Soda has received an acquisition offer from Big Red Holdings Corporation.
The US-based soft drinks firm, which last month posted net losses for the three months to the end of September of US$1.5m, said today (22 December) that Big Red has offered US$0.30 per share, valuing Jones at $7.95m.
Shares in the firm closed yesterday at $0.665, but are currently trading at around $0.462.
"The board of directors intends to conduct a thorough evaluation of Big Red's indication of interest and all other strategic alternatives," Jones said. "The company may negotiate with Big Red and also intends to pursue all available avenues to enhance shareholder value.
Company president and CEO Joth Ricci added: "Adverse economic conditions have continued to negatively impact our liquidity and financial condition and caused us to explore strategic alternatives in an effort to enhance shareholder value."
Big Red Holdings is the parent company of Big Red, a US CSD firm that markets the namesake soda brand in the country.
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