Jones Soda ends exclusivity deal with Reed's
March 23, 2010
by Eric Schroeder
SEATTLE — Jones Soda Co. on March 22 terminated its exclusivity provisions with Reed’s, Inc. in order to explore an unsolicited proposal submitted by an unnamed third party.
The decision comes less than two weeks after Jones agreed to be acquired by Los Angeles-based Reed’s, Inc. in a combination of cash and common stock worth approximately $9.7 million.
In ending its deal with Reed’s, Jones Soda said it will reimburse Reed’s for its third-party out-of-pocket expenses (not to exceed $75,000). Jones Soda also noted it “continues to be interested in discussing a transaction with Reed’s, but the board of directors also intends to investigate the third-party proposal and any other strategic alternatives presented to the board.”