Jones Soda Co., Seattle, is listening to another potential suitor for a merger two weeks after it announced that Reed’s Inc., Los Angeles, had made an offer to acquire the soda company for a combination of $2.56 million in cash and 4.5 million shares of Reed’s common stock.
Jones terminated the exclusivity provision in its letter of intent with Reed’s to “explore an unsolicited, nonbinding transaction proposal submitted by another third party,” it said, in a statement. Jones has not identified the latest company to propose a merger.
Jones has not entered into an agreement with its newest suitor, it said, and a deal with Reed’s is not off the table. Jones will reimburse the company for out-of-pocket expenses not to exceed $75,000, it said.
In a statement two weeks ago, Jones Soda chairman Rick Eiswirth said that company had been working to return to profitability, but the combination of the recession and the company’s capitalization had forced it to find a merging partner.