Reed’s Moves to Acquire Jones Soda

Beverage maker Reed’s has signed an agreement to acquire Jones Soda for around $10m in stock and cash.

The deal calls for Jones shareholders to receive 0.17 of a share of its common stock, plus 10 cents.

Jones chairman Rick Eiswirth said the challenging economic environment combined with company’s current capitalisation has made it extremely difficult to operate on a standalone basis.

The companies have until 5 April to negotiate a definitive agreement.

If Jones receives a superior offer, it can terminate the agreement and reimburse Reed’s third-party expenses.

Jones has posted nine straight quarters of losses and has struggled during the economic downturn.