US: Jones Soda calls off buyer search - report
Jones Soda has been trying to find a buyer for over a year
Jones Soda has said that it is no longer looking for a buyer and will instead concentrate its efforts on building the company’s distribution network, according to reports.
The US soda maker, which had been trying to find a suitor for over a year, received an acquisition offer from Big Red Holdings Corp in December last year, a second from Reed’s in March and a third from a rival suitor to Reed's in the same month.
However, CEO Bill Meissner told Reuters yesterday (26 July) that the firm has now shifted its focus from trying to sell the business to building its brands through an expansion of its distribution network.
Meissner told the publication that the first two bids “were not an appropriate value”, while the third came with conditions that "made it a risk at best” for shareholders.
The CEO said his focus now is on “steering the company out of trouble”, while remaining independent.
The firm has not posted a profit since the quarter ended June 2007. In May, Jones narrowed its losses in the first-quarter as a result of cost-cutting measures.
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